The principal amount (p) is $100 The interest rate (r) is 5% Time in years (t) is 3

Question

asked Dec 22, 2022 135k views

1 Answer

Stephen Last · Answer 1 · 2022-12-26T03:40:16+0000

Answer:

115.76

Explanation:

I'm going to assume that the interest is compounded annually

We have the following equation

P(1+r)^n

We have

100(1+.05)^3

compute this with a calcuatlor and get 115.7625 which is 115.76