Mathematics: Lamont earned some money doing odd jobs last summer and put it in a savings account that earns 12% interest compounded annually. After 7 years, there is $100.00 in the account. How much did Lamont earn doing odd jobs?

not answering because its not 100 points sry...

Lamont earned some money doing odd jobs last

ethan0

22.01.2022

The lamont earned $45.235 for doing odd jobs last summer, If the 12% interest compounded annually, after 7 years there is $100.00 in the account.

Step-by-step explanation:

The given is,

Future value, F = $ 100.00

Interest, i = 12%

( compounded annually )

Period, i = 7 years

Step:1

Formula for Present value with compound ed annually,

$F=P(1+i)^{n}$ ...........................(1)

Substitute the known values in equation (1),

$100=P(1+0.12)^{7}$ ( ∵ $i=\frac{12}{100}=0.12$ )

$100=P(1.12)^{7}$

100=P(2.215)

Take p into the left side to find the present value,

$P=\frac{100}{2.215}$

=45.2349

≅ 45.25

P = $ 45.25

Result:

The lamont earned $45.235 for doing odd jobs last summer, If the 12% interest compounded annually, after 7 years there is $100.00 in the account.

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