9 years ago, Daniel won some money in the lottery and put it in a bank account that earns 14% interest compounded monthly. If Daniel currently has 700.00 in the bank account, how much interest has he earned?

Solución

Solución

Interest : 499.99

Pasos de solución

Translate the problem into an equation:

700 = 200.01125 \dots + I

Resolver para

I, 700 = 200.01125 \dots + I : I = 499.99

Interest : 499.99

Ejemplos populares

You deposit 500 in an account that pays 2.5% annual interest. Find the balance after 2 years when the interest is compounded daily. Round your answer to the nearest cent.find the simple interest on 500 at 8% for 2 years Yusuf is going to invest in an account paying an interest rate of 6.5% compounded quarterly. How much would Yusuf need to invest, to the nearest ten dollars, for the value of the account to reach 1,330 in 6 years?Josue is going to invest in an account paying an interest rate of 3.1% compounded quarterly. How much would Josue need to invest, to the nearest hundred dollars, for the value of the account to reach 1,170 in 13 years?the sum of negative 12 and a number