Question

If you start with $1000 and invest it in account that pays 3% interest compounded once a year. How much

money will you have in 10 years? (Show your equation)

Answer 1

`A = P(1 + (r)/(n) )^(nt)\\\\P = 1000\\r = 3\% = (3)/(00) = 0.03\\n = 1\\t = 10\\\\A = 1000( 1 + (0.03)/(1) )^(10)= 1000(1.03)^(10) =\$1343.92`