Question

$825 due in 3 years at 10% compounded annually.

Answer 1

Given: Principal, P=$825

Rate, R=10% compounded annually

Time, t=3 years.

Required: To find the amount after 3 years.

Explanation: The amount, A after t years at r% rate is given by

`A=P(1+(r)/(100))^t`

Putting the values we get

`\begin{gathered} A=825(1+(10)/(100))^3 \\ A=1098.075\text{ \$} \end{gathered}`

Final Answer: The amount after 3 years is $1098.075.