Polly earned some money doing odd jobs last summer and put it in a savings account that earns 2% interest compounded monthly. After 5 years, there is 500.00 in the account. How much did Polly earn doing odd jobs?

Solución

Solución

Principal : 452.46

Pasos de solución

Translate the problem into an equation:

500 = P (1 + \frac{0.02}{12})^{12 \cdot 5}

Resolver para

P, 500 = P (1 + \frac{0.02}{12})^{12 \cdot 5} : P = 452.46

Principal : 452.46

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