Gary deposited $20 in a savings account earning 10% interest, compound annually. to the nearest cent, how much will he have in 3
years
2 answers:
<h3>Answer: $26.62 </h3>
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Work Shown:
P = 20 is the amount deposited
r = 0.10 is the decimal form of the 10% interest rate
n = 1 means we compound 1 time per year (annually)
t = 3 is the number of years
Plug those four values into the compound interest formula below
A = P*(1+r/n)^(n*t)
A = 20*(1+0.1/1)^(1*3)
A = 20*(1+0.1)^(3)
A = 20*(1.1)^(3)
A = 20*1.331
A = 26.62
Answer: $26.6
Step-by-step explanation:
The formula for compound interest is stated as A = P*(1+r/n)^(n*t), where P is the Principal, r = rate, n is the number, and t is the time.
Given from the question,
P= 20
r = 10% = 10/100 = 0.01
n = 1 (compounded once per year)
t = 3 years
Slot the values into the formula:
A = 20 (1+0.1/1)^(1*3).....open the bracket
A = 20 (1+0.1)^3
A = 20 (1.1)^3
A = 20×1.33
A = 26.6
I hope this helps.
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