Answer:
A = $19,965.00
A = P + I where
P (principal) = $15,000.00
I (interest) = $4,965.00
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 10/100
r = 0.1 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 15,000.00(1 + 0.1/1)(1)(3)
A = 15,000.00(1 + 0.1)(3)
A = $19,965.00
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $15,000.00 at a rate of 10% per year compounded 1 times per year over 3 years is $19,965.00.
