PLEASE ANSWER ASAP THANK YOU!!!
2 answers:
Answer:
$10.42
Step-by-step explanation:
Compound interest formula: A=p(1+r/n)^nt
9=p, r=0.05, n=1, and t=3
A=9(1+0.05)^3
A=9(1.05)^3
Plug this into calculator and you get $10.42
Answer:
A = $10.42
Step-by-step explanation:
The appropriate formula is the "compound amount" formula given by
A = P(1 + r)^t,
where P is the initial amount, r is the annual interest rate as a decimal fraction, and t is the number of years elapsed.
Here:
A = $9(1 + 0.05)^3, or
A = $9(1.05)^3, or
A = $10.42
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