Question

Colleen earned some money doing odd jobs last summer and put it in a savings account that earns 8% interest compounded quarterly after 4 years there is 1,000.00 in the account how much did Colleen earn doing odd jobs

Answer 1

The total interest is 8% compounded quarterly for 4 years,

$8(\frac{interset}{quarter)}\times4years\times4\text{ (}\frac{\text{quarter}}{year})=120$

We gotta define the initial amount earned as 100%. That means he now has 220% .

SO, we have

220% of the initial amount he earned = 1000

$\begin{gathered} 220=1000 \\ 100=\frac{1000}{220\times100} \\ =454 \end{gathered}$