Question

Audrey deposited $10,000 into a 3-year certificate of deposit that earned 10 percent annual interest, compounded annually. Audrey made no additional deposits to or withdrawals from the certificate of deposit. What was the value of the certificate of deposit at the end of the 3-year period?

Answer 1

Answer:

$13,310

Step-by-step explanation:

Your formula is A=P(1+r/n)^nt

P is what you put into the account = 10,000

R is the interest rate as a decimal = .1

T is the time in years= 3

In the formula this would be:

10,000(1+.1/1)^3

Use a calculator.

The answer is 13,310