10 years ago, Jackie won some money in the lottery and put it in a bank account that earns 8% interest compounded monthly. If Jackie currently has 400.00 in the bank account, how much interest has she earned?

Soluzione

10 ye a rs a g o, J a c ki 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 8% in t eres t co m p o u n d e d m o n t h l y . I f J a c ki e c u rre n tl y ha s 400.00 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 ?

Interest : 219.79

Fasi della soluzione

Translate the problem into an equation:

400 = 180.20938 \dots + I

Risolvi per

I, 400 = 180.20938 \dots + I : I = 219.79

Interest : 219.79