Calculate the total amount of money accumulated of a $5000 investment with the compound interest rate of 10%. The duration of the loan is 3 years.
We start with the compound interest formula:
With P=5000, r=0.1 and n=3, we can substitute these values into the formula as shown:
The total amount accumulated is $6655. Hence, the answer is A.
Join our FB group to download ZapZapMath Free today!
Join our Facebook Group
No Thanks. My Kids Don't Need To Learn Math