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Popular Word Problems >

8 years ago, Kinsley won some money in the lottery and put it in a bank account that earns 13% interest compounded monthly. If Kinsley currently has 200.00 in the bank account, how much interest has she earned?

Solution

8 ye a rs a g o, K in s l ey 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 13% in t eres t co m p o u n d e d m o n t h l y . I f K in s l ey c u rre n tl y ha s 200.00 in t h e bank a cco u n t, h o w m u c h in t eres t ha s s h e e a r n e d ?

Solution

Interest : 128.91

Solution steps

Translate the problem into an equation:

200 = 71.08741 \dots + I

Solve for

I, 200 = 71.08741 \dots + I : I = 128.91

Interest : 128.91

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