Maths · Arithmetic and Geometric progressions
If you invest 1000 dollars for 3 years and get compounded each year, then the co
If you invest 1000 dollars for 3 years and get \( 10 \% \) compounded each year, then the compound interest is
- A. 331
- B. 341
- C. 351
- D. 36
Step-by-step solution
Compound interest = P(1+r)^n - P = 1000*(1+0.1)^3 - 1000 = 1000*1.331 - 1000 = 1331 - 1000 = 331.
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