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You deposited $10,000 into a savings account that compounds quarterly. The account has an interest rate of 3%. What would be the value after 30 years?

Respuesta :

samuelonum1

Answer:

$24272.62

Step-by-step explanation:

Given data

Principal= $10,000

Rate= 3%

Time = 30 years

The expression for the compound interest is given as

A= P(1+r)^t

Substitute

A=10000(1+0.03)^30

A=10000(1.03)^30

A=10000*2.4272

A= 24272.62

Hence the final Amount A=$24272.62

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