How much compound interest will an account of $10,000 bear after 5 years at 3% APR, compounded annually? (Hint: Use the formula

Question

3 years ago

7

for annual compound interest.)

2 answers:

Ivan · Answer 1 · 2022-04-20T09:49:09+03:00

Ivan3 years ago

5 0

You would first put it into the compounded formula. So it would be 10,000(1+.03/1)^1×5=$11,592.74

noname [10] · Answer 2 · 2022-04-20T11:42:03+03:00

4 0

$1,592.74 is the answer.

I honestly don't know how the compound interest formula works or how to compute it, just trying to help out after some trial and error from myself.