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Celine earned some money doing odd jobs last summer and put it in a savings account that earns 6%interest compounded annually after 8 years there is 800.00 in the account how much did Celine earn doing odd jobs

Sagot :

We determine that value replacing in the following function:

[tex]A=P(1+\frac{r}{n})^{nt}[/tex]

We replace as follows:

[tex]800=P(1+\frac{0.06}{12})^{(12)(8)}[/tex]

Now, we solve for p, that is:

[tex]\Rightarrow P=\frac{800}{(1+\frac{0.06}{12})^{(12)(8)}}\Rightarrow P\approx495.62[/tex]

So, Celine earned approximately the following:

[tex]E=800-495.62\Rightarrow E\approx304.38[/tex]

She earned approximately $304.38.

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