John invests $10,000 for three years at 10% compounded annually. How much will John have after the three years?

12100

I think I've done this before and that's the answer

The formula to find the amount is

A = P (1+r) ^n

P is the principal

r = rate of interest

n is the number of years

Here P = $10,000

r = 10% = 0.10

n = 3 years

Substituting the values in the formula we get

A = 10,000 (1 + 0.10) ^3

A = 10,000 (1.10) ^3

A = $13,310

The compound interest earned during the three years = 13,310 - 10,000 = $3,310

John will have $13,310 after 3 years.