en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Chad earned some money doing odd jobs last summer and put it in a savings account that earns 2% interest compounded continuously. After 9 years, there is 800.00 in the account. How much did Chad earn doing odd jobs?

Solution

C ha d e a r n e d so m e m o n ey d o in g o dd j o b s l a s t s u mm er an d p u t i t in a s a v in g s 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 co n t in u o u s l y . A f t er 9 ye a rs, t h ere i s 800.00 in t h e a cco u n t . Ho w m u c h d i d C ha d e a r n d o in g o dd j o b s ?

Solution

Principal : 668.22

Solution steps

Translate the problem into an equation:

800 = P e^{0.02 \cdot 9}

Solve for

P, 800 = P e^{0.02 \cdot 9} : P = 668.22

Principal : 668.22

Popular Examples

What is the probability of getting a face card from a standard deck?The sum of three numbers is 13. The sum of twice the first number, 3 times the second number, and 4 times the third number is 36. The difference between 6 times the first number and the second number is 40. Find the three numbers.Find two consecutive whole numbers that sqrt(53) lies between.The sum of three numbers is 18. The sum of twice the first number, 4 times the second number, and 5 times the third number is 60. The difference between 7 times the first number and the second number is 50. Find the three numbers.One number is five less than another. If their sum is 135, what are the numbers?