en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

5 years ago, Tiana won some money in the lottery and put it in a bank account that earns 2% interest compounded monthly. If Tiana currently has 200.00 in the bank account, how much interest has she earned?

Solution

5 ye a rs a g o, T iana w o n so m e m o n ey in t h e l o tt ery an d p u t i t in a bank a cco u n t t ha t e a r n s 2% in t eres t co m p o u n d e d m o n t h l y . I f T iana c u rre n tl y ha s 200.00 in t h e bank a cco u n t, h o w m u c h in t eres t ha s s h e e a r n e d ?

Solution

Interest : 19.02

Solution steps

Translate the problem into an equation:

200 = 180.98254 \dots + I

Solve for

I, 200 = 180.98254 \dots + I : I = 19.02

Interest : 19.02

Popular Examples

what is the area of a triangle with a base of 9 and a height of 19 How much money must be deposited now in an account paying 8% annual interest, compounded quarterly, to have a balance of 1000 after 10 years? Show your work.There are 4 consecutive even integers that sum to-108. Which integers are they?Terrence opened a savings account and deposited 800.00. The account earns 15% interest, compounded continuously. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?13 years from now David will be twice as old as Pearl. The current sum of the ages of David and Pearl is 19. How old is Pearl right now?