7 years ago, Marvin won some money in the lottery and put it in a bank account that earns 7% interest compounded quarterly. If Marvin currently has 1, 000.00 in the bank account, how much interest has he earned?

Solución

Solución

Interest : 384.77

Pasos de solución

Translate the problem into an equation:

1000 = \frac{4 ^{28} \cdot 125}{1.46404 E 16} + I

Resolver para

I, 1000 = \frac{4 ^{28} \cdot 125}{1.46404 E 16} + I : I = 384.77

Interest : 384.77

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