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Theo deposits $3,000 in a savings account earning compound interest at an annual rate of 5% compounded annually. He makes no additional deposits or withdrawals. Use the formula …

Theo deposits $3,000 in a savings account earning compound interest at an annual rate of 5% compounded annually. He makes no additional deposits or withdrawals. Use the formula …
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Theo deposits $3,000 in a savings account earning compound interest at an annual rate of 5% compounded annually. He makes no additional deposits or withdrawals. Use the formula for compound interest to find the amount in the account after 10 years.

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User Andlabs
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8.8k points

1 Answer

7 votes

Answer:

3000 times 0.05 times 10 equals 1500

Explanation:

answered
User Kook
by
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