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Nancy earned some money doing odd jobs last summer and put it in a savings account that earns 14% interest compounded annually. After 10 years, there is 300.00 in the account. How much did Nancy earn doing odd jobs?Round your answer to the nearest cent.

Solution

Solution

Principal : 80.92

Solution steps

Translate the problem into an equation:

300 = P (1 + \frac{0.14}{1})^{1 \cdot 10}

Solve for

P, 300 = P (1 + \frac{0.14}{1})^{1 \cdot 10} : P = 80.92

Principal : 80.92

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