Tristan inherited some money from his grandfather and put it in a bank account that earns 7% interest compounded monthly. After 9 years, Tristan had 1,000.00 in the bank account. How much interest did he earn?

Solución

Tristan inherited some money from his grandfather and put it in a bank account that earns 7% interest compounded monthly. After 9 years, Tristan had 1, 000.00 in the bank account. How much interest did he earn?

Solución

Interest : 466.43

Pasos de solución

Translate the problem into an equation:

1000 = 533.56754 \dots + I

Resolver para

I, 1000 = 533.56754 \dots + I : I = 466.43

Interest : 466.43

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