Reid earned some money doing odd jobs last summer and put it in a savings account that earns 12% interest compounded monthly. After 3 years, there is 200.00 in the account. How much did Reid earn doing odd jobs?

Solución

Solución

Principal : 139.78

Pasos de solución

Translate the problem into an equation:

200 = P (1 + \frac{0.12}{12})^{12 \cdot 3}

Resolver para

P, 200 = P (1 + \frac{0.12}{12})^{12 \cdot 3} : P = 139.78

Principal : 139.78

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