Asked by Denise

If you invest $1000 today in a savings account that pays 3% annually what will be the Future Value of this amount in 10 years

Answers

Answered by Ms. Sue
I = PRT
I = 1,000 * 0.03 * 10
I = ?

Add the interest to 1,000 to find the future value.

Answered by Reiny
Ms Sue did the question using simple interest.

Since you did not specify which type is used, here is the compound interest result

amount = 1000(1.03)^10 = ...
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