Grayson inherited some money from his grandfather and put it in a bank account that earns 14% interest compounded quarterly. After 2 years, Grayson had 600.00 in the bank account. How much interest did he earn?

Solução

G r a yso n 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 14% in t eres t co m p o u n d e d q u a r t er l y . A f t er 2 ye a rs, G r a yso n 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 : 144.35

Passos da solução

Translate the problem into an equation:

600 = 455.64693 \dots + I

Resolver para

I, 600 = 455.64693 \dots + I : I = 144.35

Interest : 144.35