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16 December, 09:52

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

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  1. 16 December, 12:44
    0
    12100

    I think I've done this before and that's the answer
  2. 16 December, 13:11
    0
    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.
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