Answer:
C. $1030.34
Explanation:
Given:
Principal = $1,000
Interest = 3%
Number of Times = Quarterly
Time = 1 year
Interest Type = Compound Interest
Required
Amount at the end of the year
To solve this, I'll make use of Amount formula which is;
Using compound interest notations, the given parameters are:
P = $1,000
r = 3%
t = 1
Quarterly means 4 times a year;
So, n = 4
Solving for Amount (A), the formula becomes
Convert percent to decimal
Solve the expression in the bracket
Solve the exponent
(Approximated)
<em>Hence, the amount at the end of the year is approximately $1030.34</em>