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Popular Word Problems >

Maggie earned some money doing odd jobs last summer and put it in a savings account that earns 13% interest compounded monthly. After 9 years, there is 700.00 in the account. How much did Maggie earn doing odd jobs?

Solution

M a gg i e 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 13% in t eres t co m p o u n d e d m o n t h l y . A f t er 9 ye a rs, t h ere i s 700.00 in t h e a cco u n t . Ho w m u c h d i d M a gg i e e a r n d o in g o dd j o b s ?

Solution

Principal : 218.63

Solution steps

Translate the problem into an equation:

700 = P (1 + \frac{0.13}{12})^{12 \cdot 9}

Solve for

P, 700 = P (1 + \frac{0.13}{12})^{12 \cdot 9} : P = 218.63

Principal : 218.63

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