jossylamor jossylamor

Today at 12:26 AM
Mathematics

Answered

If you start with $1000 and invest it in account that pays 3% interest compounded once a year. How much
money will you have in 10 years? (Show your equation)

Answer :

sreedevi102 sreedevi102

Today at 12:31 AM

Answer:

[tex]A = P(1 + \frac{r}{n} )^{nt}\\\\P = 1000\\r = 3\% = \frac{3}{00} = 0.03\\n = 1\\t = 10\\\\A = 1000( 1 + \frac{0.03}{1} )^{10}= 1000(1.03)^{10} =\$1343.92[/tex]

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