Keenan earned some money doing odd jobs last summer and put it in a savings account that earns 10% interest compounded monthly. After 10 years, there is 100.00 in the account. How much did Keenan earn doing odd jobs?Round your answer to the nearest cent.

Solución

Solución

Principal : 36.94

Pasos de solución

Translate the problem into an equation:

100 = P (1 + \frac{0.1}{12})^{12 \cdot 10}

Resolver para

P, 100 = P (1 + \frac{0.1}{12})^{12 \cdot 10} : P = 36.94

Principal : 36.94

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