Question

tori earned some money doing odd jobs last summer and put it in a savings account that earns 3% interest compounded quarterly after 10 years there is 1,000.00 in the account how much did tori earn doing odd jobs

Answer 1

The formula to calculate the total amount in the savings account, with an interest that's compounded quaterly, a 3% interest and an inicial saving of s is:

`T=S(1.03)^q`

Where q is the number of quarters.

We know that after 10 years (40 quarters) Tori had $1000.

Thereby,

`\begin{gathered} 1000=S(1.03)^(40)\rightarrow S=(1000)/((1.03)^(40)) \\ \rightarrow S=306.56 \end{gathered}`

Tori originally had $306.56 in the savings account