Question

How much compound interest will an account of $10,000 bear after 5 years at 3% APR, compounded annually?

Answer 1

Do you know the formula to this ?

Answer 2

M=P(1+(r)/(n))^(n*t)

Answer 3

p=10,000
r=0.003
n=1
t=5

Answer 4

i=0.03 I mean :3

Answer 5

M=10000(1+(0.03)/(1))^(1*5)

Answer 6

http://www.wolframalpha.com/ <--- Copy n Paste into here

Answer 7

M=10000(1.03)^(5)
M= 1.159
Right?

Answer 8

Wait.....

Answer 9

11592.7

Answer 10

Does that match any of your answer choices ?

Answer 11

It does

Answer 12

:D !! there you go !! are taking a financial algebra class ?

Answer 13

Thank you! It's called Buisness Math.. So yes? Haha