Bob earned some money doing odd jobs last summer and put it in a savings account thatearns 1% interest compounded quarterly. After 10 years, there is $1,000.00 in the account.How much did Bob earn doing odd jobs?Round your answer to the nearest cent.What is the initial amount

Answer:714.29$Step-by-step explanation:1% interest/quarter * 10 years * 4 quarters/year = 40% interest accumulated over the 10 yearsWe gotta define the initial amount Bob earned as 100%. That means he now has 140% (because incl. 10 years interests).Now we get the equation140% of the initial amount he earned = 1k$140% = 1k$We want to know 100% (his initial earnings), so we do "rule of three"140% = 1k$ | divide by 140 to get 1%1% = 1k$/140 | multiply with 100 to get 100%100% = 1k$/140*100100% = 714.285714285 $100% ≈ 714.29 $