How much compound interest will an account of $10,000 bear after 5 years at 3% APR, compounded annually? (Hint: Use the formula for annual c

Question

How much compound interest will an account of $10,000 bear after 5 years at 3% APR, compounded annually? (Hint: Use the formula for annual compound interest.)

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Mackenzie 2 weeks 2021-10-13T03:23:24+00:00 1 Answer 0

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    2021-10-13T03:25:19+00:00

    Answer:

    It will compound $1,500 annually

    Step-by-step explanation:

    First you need to change your precent to a decimal, do this by dividing by 100:

    3% ÷ 100 = 0.03

    Then multiply your ammount ($10,000) by your time (5 years) by your decimal (0.03):

    10,000 × 5 × 0.03 = 1,500

    Then there is your answer! I hope this helped! <3

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