Respuesta :

Answer:

Initial P, principal value is $3000

Year 1:  P(1)= 3000 + 3%(3000)

            P(1)= 3090

Year 2: P(1)= 3090 + 3%(3090)

           P(1)= 3182.70

etc.  

 

So in year 10, using the formula for compound interest, P(t)= P(1.03)t

P(10)= 3000(1.03)10

= 4031.75

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