Theo deposits $3,000 in a savings account earning compound interest at an annual rate of 3% compounded annually. He makes no add

Question

3 years ago

11

Theo deposits $3,000 in a savings account earning compound interest at an annual rate of 3% compounded annually. He makes no add

itional deposits or withdrawals. Use the formula for compound interest to find the amount in the account after 10 years.
After 10 years, there will be $____
in the account.

Mathematics

2 answers:

Yanka [14] · Answer 1 · 2022-08-06T09:38:51+03:00

Yanka [14]3 years ago

7 0

Not really sure but have a good day

Aliun [14] · Answer 2 · 2022-08-06T11:17:54+03:00

Aliun [14]3 years ago

3 0

Answer:

$4031.75

Step-by-step explanation:

Amt after 10 years = 3000(1 + 0.03)^10

= 4031.749