Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 453: 5

Answer

Year 1 total: $1854.00$ Year 2 total: $1909.62$ Year 3 total: $1966.91$

Work Step by Step

Year 1: $1800\times.03\times1 = 54$ add principal amount: $1854.00$ Year 2: $1854\times.03\times1 = 55.62$ add principal amount: $1909.62$ Year 3: $1909.62\times.03\times1 = 57.29$ add principal amount: $1966.91$
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