Question

Kelsey earned some Money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly after 7 years there is 400.00 in the account how much did Kelsey earn doing odd jobs

Answer 1

The final amount is

Here,A=400, R=5%, N=4,T=7. We have to find the principal.Substituting the values,

`\begin{gathered} 400=P(1+(5)/(4*100))^(4*7) \\ \text{ 400=P(1+}(5)/(400))^(28) \\ \text{ P=}\frac{400}{\text{(1+}(5)/(400))^(28)} \\ \text{ =282.48} \end{gathered}`

Therefore, the money earned by Kelsey doing odd jobs​ is 282.48.