Question

Eliana earned some money doing odd jobs last summer and put it in a savings account that 1%interest compounded quarterly after 6 years there is 500.00 in the account how much did Eliana earn doing odd jobs

Answer 1

1) Gathering the data:

Interest rate: 1%

Compounded Quartely

Time: 6 yrs

Future Value: 500

2) Let's find out the Present Value of Eliana deposits at the time She opened her savings account