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Popular Word Problems >

Jamie opened a savings account and deposited 800.00 as principal. The account earns 13% interest, compounded monthly. How much interest will he earn after 10 years?

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Solution

Jamieopenedasavingsaccountanddeposited800.00asprincipal.Theaccountearns13%interest,compoundedmonthly.Howmuchinterestwillheearnafter10years?

Solution

Interest:2114.99
Solution steps
Translate the problem into an equation:2914.98661…=800+I
Solve for I,2914.98661…=800+I:I=2114.99
Interest:2114.99

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