Answer:
$10618.37
Step-by-step explanation:
Use the formula for compound interest:
P(t) = P_0e^(rt)
You can look the formula up online to find what each variable represents.
First, our principal amount (P) is 10,000. Our interest rate (r) is 3% and our time (t) is 2. Substitute these into the equations in each variables' place. The equation will look like this:
P(t) = 10,000e^(0.03x2)
P(t) = 10,000e^(0.06)
Note that e is approximately 2.7183 .
Using your calculator, now simply find P(t).
You should get 10618.36972 as your answer. Round that to the nearest cent to get $10618.37 .
Answer:
Step-by-step explanation:
Answer:
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Step-by-step explanation:
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