1 answer:
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Amount =$48003.20
Step-by-step explanation:
Here apply the compound interest formula;
where;
P=Principal amount invested = $37500
r=rate of interest as a decimal, 2.5% =0.025
n=number of compounding per year=1
t=time period the amount in invested=10
In our case, the amount after investing will be;
Interest earned after the period= $48003.20-$37500 =$10503.20
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Compound Interest formula application: brainly.com/question/7014337
Keywords: inherit, sum, money, interest
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