Question
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
Ms. Sue
I = PRT
I = 1,000 * 0.03 * 10
I = ?
Add the interest to 1,000 to find the future value.
I = 1,000 * 0.03 * 10
I = ?
Add the interest to 1,000 to find the future value.
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 = ...
Since you did not specify which type is used, here is the compound interest result
amount = 1000(1.03)^10 = ...