3 years ago, Avery won some money in the lottery and put it in a bank account that earns 2% interest compounded monthly. If Avery currently has 100.00 in the bank account, how much interest has she earned?

Solution

Solution

Interest : 5.82

Solution steps

Translate the problem into an equation:

100 = 94.18115 \dots + I

Solve for

I, 100 = 94.18115 \dots + I : I = 5.82

Interest : 5.82

Popular Examples

What amount decreased by 35% is $484 ?The left and right page numbers of an open book are two consecutive integers whose sum is 363 one number is 7 more than the second number. thrice the first is 6 less than 4 times the second.The sum of two consecutive integers is 43 In five years, Tina will be twice as old as Amy. Four years ago, Amy was one Third the age of Tina. How old are they now?