Answer
$\$940.90$
Work Step by Step
Use the formula $A=P(1-r)^n$.
Here we have:
$P=\$1000, r=0.03,$ and $n=2$.
Hence,
$A=\$1000(1-0.03)^2=\$940.90$
Precalculus (10th Edition)
by Sullivan, Michael
Published by
Pearson
ISBN 10:
0-32197-907-9
ISBN 13:
978-0-32197-907-0
Chapter 5 - Exponential and Logarithmic Functions - 5.7 Financial Models - 5.7 Assess Your Understanding - Page 322: 57
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