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Answer:
The amount after 3 years of investment is $20763 .
Step-by-step explanation:
Given as :
The principal invested = p =$15,000
The rate of interest = r = 3% compounded annually
The time period = t = 11 years
Let The Amount after 3 years = $ A
<u>From Compounded method</u>
Amount = Principal ×
Or, A = p ×
Or, A = $15,000 ×
Or, A = $15,000 ×
Or, A = $15,000 × 1.3842
Or, A = $20763
So, Amount = A = $20763
Hence The amount after 3 years of investment is $20763 . Answer