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Popular Word Problems >

Darell earned some money doing odd jobs last summer and put it in a savings account that earns 4% interest compounded quarterly. After 9 years, there is 800.00 in the account. How much did Darell earn doing odd jobs?

Solution

D a re ll 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 4% in t eres t co m p o u n d e d q u a r t er l y . A f t er 9 ye a rs, t h ere i s 800.00 in t h e a cco u n t . Ho w m u c h d i d D a re ll e a r n d o in g o dd j o b s ?

Solution

Principal : 559.14

Solution steps

Translate the problem into an equation:

800 = P (1 + \frac{0.04}{4})^{4 \cdot 9}

Solve for

P, 800 = P (1 + \frac{0.04}{4})^{4 \cdot 9} : P = 559.14

Principal : 559.14

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