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How much compound interest will an account of $10,000 bear after 5 years at 3% APR, compounded annually?

How much compound interest will an account of $10,000 bear after 5 years at 3% APR, compounded annually?
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5 votes
How much compound interest will an account of $10,000 bear after 5 years at 3% APR, compounded annually?

User Senthilkumar
by
8.4k points

1 Answer

5 votes
A=10,000×(1+0.03)^(5)
A=11,592.74

Interest earned
11592.74-10000=1592.74
User Icecub
by
7.5k points
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