Tanvi earned some money doing odd jobs last summer and put it in a savings account that earns 12% interest compounded monthly. After 5 years, there is 800.00 in the account. How much did Tanvi earn doing odd jobs?

Solution

Solution

Principal : 440.36

Solution steps

Translate the problem into an equation:

800 = P (1 + \frac{0.12}{12})^{12 \cdot 5}

Solve for

P, 800 = P (1 + \frac{0.12}{12})^{12 \cdot 5} : P = 440.36

Principal : 440.36

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