Question

I really need help with this, I don't want the answer I really need help solving this.

The expression 1000(1.1)^t represents the value of a $1000 investment that earns 10% interest per year, compounded annually for t years. What is the value of a $1000 investment at the end of 3 years?

So far I have 1000(1.1)^3, I have no idea where to go from here.

Answer 1

Interest exponential function is
F(x) = p(1 + r)^x

We have p = 1000
R= 10/100 because it is 10%
And x represents the number of years which is 3 so therefore apply the right values and.youll get your answer :)

Answer 2

(1,1)^3 = 1,1*1,1*1,1 = 1,331

1000*1,331 = 1331

hope helped

Answer 3

Let me know if you have further questions

Answer 4

And yeah the answer is 1331

Answer 5

I would use a calculator
1.1 "cubed" or 1.1 to the 3 power i.e. 1.1^3
or 1.1*1.1*1.1
then multiply by 1000

or type into google
1000(1.1)^3=