Walter earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 2 years, there is 1,000.00 in the account. How much did Walter earn doing odd jobs?Round your answer to the nearest cent.

Solución

Walter earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 2 years, there is 1, 000.00 in the account. How much did Walter earn doing odd jobs?Round your answer to the nearest cent.

Solución

Principal : 742.2

Pasos de solución

Translate the problem into an equation:

1000 = P (1 + \frac{0.15}{12})^{12 \cdot 2}

Resolver para

P, 1000 = P (1 + \frac{0.15}{12})^{12 \cdot 2} : P = 742.2

Principal : 742.2

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