7 years ago, Marvin won some money in the lottery and put it in a bank account that earns 7% interest compounded quarterly. If Marvin currently has 1, 000.00 in the bank account, how much interest has he earned?

Solução

7 ye a rs a g o, M a r v in 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 7% in t eres t co m p o u n d e d q u a r t er l y . I f M a r v in c u rre n tl y ha s 1, 000.00 in t h e bank a cco u n t, h o w m u c h in t eres t ha s h e e a r n e d ?

Interest : 384.77

Passos da solução

Translate the problem into an equation:

1000 = \frac{4 ^{28} \cdot 125}{1.46404 E 16} + I

Resolver para

I, 1000 = \frac{4 ^{28} \cdot 125}{1.46404 E 16} + I : I = 384.77

Interest : 384.77