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Popular Word Problems >

4 years ago, Annie won some money in the lottery and put it in a bank account that earns 12% interest compounded annually. If Annie currently has 100.00 in the bank account, how much interest has she earned?

Solution

4 ye a rs a g o, A nni e 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 12% in t eres t co m p o u n d e d ann u a ll y . I f A nni e c u rre n tl y ha s 100.00 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 : 36.45

Solution steps

Translate the problem into an equation:

100 = 63.55180 \dots + I

Solve for

I, 100 = 63.55180 \dots + I : I = 36.45

Interest : 36.45

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