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Popular Word Problems >

Walter earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 2 years, there is 1,000.00 in the account. How much did Walter earn doing odd jobs?Round your answer to the nearest cent.

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Solution

Walterearnedsomemoneydoingoddjobslastsummerandputitinasavingsaccountthatearns15%interestcompoundedmonthly.After2years,thereis1,000.00intheaccount.HowmuchdidWalterearndoingoddjobs?Roundyouranswertothenearestcent.

Solution

Principal:742.2
Solution steps
Translate the problem into an equation:1000=P(1+120.15​)12⋅2
Solve for P,1000=P(1+120.15​)12⋅2:P=742.2
Principal:742.2

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