Please answer this question with explanation
1 answer:
You might be interested in
Answer:
Maureen earned $123.19 doing odd jobs
Step-by-step explanation:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit year and t is the time in years for which the money is invested or borrowed.
In this question:
Compounded quarterly means that
10 years, so
9% interest, so
There is $300.00 in the account, which means that
How much did Maureen earn doing odd jobs?
This is P.
Maureen earned $123.19 doing odd jobs