Bert earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 4 years, there is 1,000.00 in the account. How much did Bert earn doing odd jobs?

Solución

Bert earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 4 years, there is 1, 000.00 in the account. How much did Bert earn doing odd jobs?

Solución

Principal : 819.75

Pasos de solución

Translate the problem into an equation:

1000 = P (1 + \frac{0.05}{4})^{4 \cdot 4}

Resolver para

P, 1000 = P (1 + \frac{0.05}{4})^{4 \cdot 4} : P = 819.75

Principal : 819.75

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