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What is the compound interest on a three-year, $100.00 loan at a 10 percent annual interest rate?

$10.00
$21.00
$33.10
$46.41

Respuesta :

tp974554

Answer:

33.10

Explanation:

principal-$100

annual interest rate-10%

Time=3 years

interest=33.10`

a=133.10

abiolataiwo2015

Based on the information given the compound interest is $33.10

Using this formula

Compound Interest = Principal (1 + rate )^time - Principal

Where:

  • P = $100.00
  • r = 10% or 0.1
  • t = 3 years

Let plug in the formula

Compound Interest = 100(1 + 0.1)^3 - 100

Compound Interest= 100(1.1)^3 - 100

Compound Interest=100 × 1.331 - 100

Compound Interest= 133.1 - 100

Compound Interest=$33.10

Inconclusion the compound interest is $33.10

Learn more about compound interest here:https://brainly.com/question/24274034

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