Answer:
Explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 1500
r = 3% = /100 = 0.0
n = 1 because it was compounded once in a year.
t = x years
Therefore, the equation to model this situation is
A = 1500(1 + 0.03/1)^1 × x
A = 1500(1.03)^x
When x = 10 years, then
A = 1500(1.03)^10
A = $2016