Christine inherited some money from her grandfather and put it in a bank account that earns 7% interest compounded monthly. After 3 years, Christine had 800.00 in the bank account. How much interest did she earn?Round your answer to the nearest cent.

Soluzione

C h r i s t in e inh er i t e d so m e m o n ey f ro m h er 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 7% in t eres t co m p o u n d e d m o n t h l y . A f t er 3 ye a rs, C h r i s t in e ha d 800.00 in t h e bank a cco u n t . Ho w m u c h in t eres t d i d s h e e a r n ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Interest : 151.14

Fasi della soluzione

Translate the problem into an equation:

800 = 648.86316 \dots + I

Risolvi per

I, 800 = 648.86316 \dots + I : I = 151.14

Interest : 151.14