spoonsaurus
contestada

I really need help on this question. I've tried and tried but I can't seem to get it. Can you walk me through how to do it? (Compound interest)

Dell Mortzburg deposits $1,000 in an account that earns 3% interest compounded annually. What is the future value of her account after 12 years, providing Dell makes no deposits or withdrawals? (Hint: Use the formula for yearly compounding.)

Respuesta :

BéatriceRoseMacduff
I don't know the formula but I'll do my best.
amount put in: 1000.00
3%: 30.00 (1000.00/100*3)
total after one year: 1030.00
3%: 30.90 (1030.00/100*3)
two years: 1060.90
3%: 31.83 (1060.90/100*3)
3 years: 1092.72
***repeat that, sorry I don't want to type it all***
12 years: 1467.27$

Otras preguntas