Answer:
$220.18
Step-by-step explanation:
The amount A(n) accrued for P dollars saved at r% annual interest for a period of n years compounded k times is derived using the formula:
[tex]A(n)=P \left(1+\dfrac{r}{k}\right)^{nk}[/tex]
In Jayden's case:
- A(n)=$400
- r=12%=0.12
- n=5 years
- k=12 Months
We want to determine the amount Jayden put in the savings account.
[tex]400=P \left(1+\dfrac{0.12}{12}\right)^{12*5}\\400=P \left(1+0.01}\right)^{60}\\400=P \left(1.01}\right)^{60}\\P=\dfrac{400}{\left(1.01}\right)^{60}}\\[/tex]
[tex]P=\$220.18[/tex]
Jayden earned $220.18 from doing odd jobs.
