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Wesley earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 4 years, there is 800.00 in the account. How much did Wesley earn doing odd jobs?Round your answer to the nearest cent.

Lösung

Lösung

Principal : 655.8

Schritte zur Lösung

Translate the problem into an equation:

800 = P (1 + \frac{0.05}{4})^{4 \cdot 4}

Löse nach

P, 800 = P (1 + \frac{0.05}{4})^{4 \cdot 4} : P = 655.8

Principal : 655.8

Beliebte Beispiele

twice the differenz of a number and 9 equals 3 Four more than the product of a number and 8 is 5.Henry has 3,261 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much interest will he earn in 1 year?twice the differenz of a number and 8 is 6 twice the differenz of a number and 8 is 7