Question

If you start with $1000 and invest it in account that pays 3% interest compounded once a year. How much

Answer 1

Answer:

$A = P(1 + \frac{r}{n} )^{nt}\\\\P = 1000\\r = 3\% = \frac{3}{00} = 0.03\\n = 1\\t = 10\\\\A = 1000( 1 + \frac{0.03}{1} )^{10}= 1000(1.03)^{10} =\ 1343.92$