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3 years ago

periodic deposit of 3000 at the end of each year with a rate of 3.5 compounded annually for 10 years will have how much money

1 answer:

7 0

Yaya
compound interetest

$A=P(1+r)^t$
for compounded annually
A=future amount
P=present amount
waait, we need to add 3000 per month

anyway, each year, we multiply by 1+3.5%=1+0.035=1.035
so

add 3000, multiply by 1.035
add 3000, multiply by 1.035
repeat until yo did it 10 times $((3000+((3000+((3000+(3000(1.035)))(1.035)))(1.035))(1.035))$ , you get the idea
anyway, the answer is 36426.9757
rounded, it's about $36426.98

the sum will be

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Dahasolnce [82]

<h2>Greetings!</h2>

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