217k views
0 votes
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:

If 3000 dollars is invested in a bank account at an interest rate of 10 per cent per-example-1
User JimPapas
by
8.3k points

2 Answers

6 votes

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

User CKKiller
by
7.9k points
4 votes

Answer:

Explanation:

100%-10%=90%

90/100=0.9%

3000*0.9^10 years= 1046.04

User Grzegorz Kaczan
by
7.9k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories