Terrance earned some money doing odd jobs last summer and put it in a savings account that earns 2%interest compounded monthly after 2 years there is $300.00 in the account how m…

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asked Sep 7, 2023 109k views

1 Answer

Baltasvejas · Answer 1 · 2023-09-12T01:58:50+0000

we get the following equation

$m=m_0(1+(0.02)/(12))^(12\cdot t)$

where t is the amount of years. And m0 is the initial value. So we get

$\begin{gathered} 300=m_0((601)/(600))^(24)=1.040776\cdot m_0\rightarrow \\ m_0=(300)/(1.040776)=288.24 \end{gathered}$

so Terrance did $288.24 doing odd jobs