Jonah inherited some money from his grandfather and put it in a bank account that earns 6% interest compounded annually. After 5 years, Jonah had 600.00 in the bank account. How much interest did he earn?

Solución

J o nah inh er i t e d so m e m o n ey f ro m hi s g r an df a t h er an d p u t i t in a bank a cco u n t t ha t e a r n s 6% in t eres t co m p o u n d e d ann u a ll y . A f t er 5 ye a rs, J o nah ha d 600.00 in t h e bank a cco u n t . Ho w m u c h in t eres t d i d h e e a r n ?

Interest : 151.65

Pasos de solución

Translate the problem into an equation:

600 = 448.35490 \dots + I

Resolver para

I, 600 = 448.35490 \dots + I : I = 151.65

Interest : 151.65