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Popular Word Problems >

8 years ago, Chad won some money in the lottery and put it in a bank account that earns 2% interest compounded annually. If Chad currently has 100.00 in the bank account, how much interest has he earned?

Solution

8 ye a rs a g o, C ha d 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 ann u a ll y . I f C ha d 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 h e e a r n e d ?

Solution

Interest : 14.65

Solution steps

Translate the problem into an equation:

100 = 85.34903 \dots + I

Solve for

I, 100 = 85.34903 \dots + I : I = 14.65

Interest : 14.65

Popular Examples

Austen puts 4,347.00 into an account to use for school expenses. The account earns 8.88% interest, compounded annually. How much will be in the account after 10 years?8 times a number plus 15 to equal to 6 times the number minus 41. find number Madeline invested 2, 800 in an account paying an interest rate of 4.4% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 6100 one third of a number is no more than nine a pair of standard dice are rolled. find the probability of rolling sum of 11 with these dice.