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Popular Word Problems >

Raymond earned some money doing odd jobs last summer and put it in a savings account that earns 3% interest compounded annually. After 5 years, there is 100.00 in the account. How much did Raymond earn doing odd jobs?

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Solution

Raymondearnedsomemoneydoingoddjobslastsummerandputitinasavingsaccountthatearns3%interestcompoundedannually.After5years,thereis100.00intheaccount.HowmuchdidRaymondearndoingoddjobs?

Solution

Principal:86.26
Solution steps
Translate the problem into an equation:100=P(1+10.03​)1⋅5
Solve for P,100=P(1+10.03​)1⋅5:P=86.26
Principal:86.26

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