Question

Lee earned some money doing odd jobs last summer and put it in a savings account that earns 2% interest compounded continuously. After 8 years, there is $200.00 in the account. How much did Lee earn doing odd jobs?Round your answer to the nearest cent.

Answer 1

The amount that she earned from doing odd jobs is $24.50.

What is the equation that can be used to find the among of money she earned?

The formula for calculating present value when there is continuous compounding is : PV = FV / (e^r x N)

• A= amount
• e = 2.7182818
• N = number of years
• r = interest rate

How much did she earn?

$200 / (e^0.02 x 8 ) = $24.50

To learn more about compounding, please check: https://brainly.com/question/18760477