193k views
3 votes
350$ at 3% for 10 years. What Is the
Interest earned?

User Bojan B
by
7.4k points

2 Answers

5 votes
the answer is $472.45
User Zrooda
by
8.3k points
0 votes
If you are using continuous compound interest, the formula is A = Pe^RT where A= amount, P= principal value, R = the rate, and t = time. E is an actual number that is kinda hard to explain but it's just a button on the calculator.

In this case the equation would be A = 350e^(0.03)(10). This gives you approximately 472.4506 or approximately $472.45 since it's money and you round to the nearest penny.
User Dhaval Bharadva
by
8.7k points