Question

Jenny had $1000 in a account of 3 years compounded annually at the rate of 5%. What was her account balance at the end of the third year?​

Answer 1

Explanation:

P = $1000

R = 5%

N = 1

t = 3 years

A= 1000 ( 1+0.03/1)^1(3)

A = 1000(1.03)^3

A = $1092.73