Question

Valentina earned some money doing odd jobs last summer and put it in a savings account that earns 7% interest compounded quarterly after 5 years there is 500.00 in the account how much did valentina earn doing odd jobs

Answer 1

`\begin{gathered} 7\text{ percent interest compounded quarterly after 5 years} \\ 500\text{ in the account} \\ the\text{ }compound\text{ interest formula is given by} \\ A=P(1+(r)/(n))^(nt) \\ \text{where, r is the rate} \\ P\text{ the principal} \\ n\text{ number of years} \\ \text{t is the time} \\ A\text{ the amount} \\ by\text{ substituying values, we have:} \end{gathered}`
`\begin{gathered} A=P(1+(r)/(n))^(nt) \\ A=500(1+(0.07)/((1)/(4)))^5 \\ A=500(1+0.28)^5 \\ A=500(3.43) \\ A=1717.98 \end{gathered}`