Question

If 3000 dollars is invested in a bank account at an interest rate of 10 per cent per year, Find the amount in the bank after 10 years if interest is compounded annually:

Find the amount in the bank after 10 years if interest is compounded quaterly:
Find the amount in the bank after 10 years if interest is compounded monthly:

Answer 1

Explanation:

For annually,

3000×(1.10)^10= 7781.23

For quarterly,

3000×(1.10)^40= 135777.77

For montly,

3000×(1.10)^120=278127206.5

Answer 2

Explanation:

100%-10%=90%

90/100=0.9%

3000*0.9^10 years= 1046.04