Basic College Mathematics (9th Edition)

Published by Pearson
ISBN 10: 0321825535
ISBN 13: 978-0-32182-553-7

Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 455: 10


1.05; 1.05

Work Step by Step

Since we use an interest rate of 5%, we multiply by 1.05. Since the time period is two years, we multiply by 1.05 twice. Therefore: $\$3000*1.05*1.05=\$3307.50$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.