Tristan inherited some money from his grandfather and put it in a bank account that earns 7% interest compounded monthly. After 9 years, Tristan had 1,000.00 in the bank account. How much interest did he earn?

Solución

T r i s t an inh er i t e d so m e m o n ey f ro m hi s g r an df a t h er 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 m o n t h l y . A f t er 9 ye a rs, T r i s t an ha d 1, 000.00 in t h e bank a cco u n t . Ho w m u c h in t eres t d i d h e e a r n ?

Interest : 466.43

Pasos de solución

Translate the problem into an equation:

1000 = 533.56754 \dots + I

Resolver para

I, 1000 = 533.56754 \dots + I : I = 466.43

Interest : 466.43