Question

If you deposit 1000 in a savings account with an intrest rate of r compounded annually then the balance in the account after 3 years is given by the function b(c)=1000(1+r) where is r written as a decimal?

Answer 1

3.23%

Explanation:

The rate is acquired from 1100 = (1+r)^3 *1000. then r is equal to 3.23%.