Hector earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 2 years, there is 1,000.00 in the account. How much did Hector earn doing odd jobs?Round your answer to the nearest cent.

Solución

Hector earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 2 years, there is 1, 000.00 in the account. How much did Hector earn doing odd jobs?Round your answer to the nearest cent.

Solución

Principal : 905.4

Pasos de solución

Translate the problem into an equation:

1000 = P (1 + \frac{0.05}{4})^{4 \cdot 2}

Resolver para

P, 1000 = P (1 + \frac{0.05}{4})^{4 \cdot 2} : P = 905.4

Principal : 905.4

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