Answer:
Total amount after 3 year = 1,157.625
Step-by-step explanation:
Given:
Amount deposit P = $1,000
Number of year n = 3 year
Interest rate r = 5% = 0.05
Find:
Total amount after 3 year
Computation:
Amount = P[1+r]ⁿ
Total amount after 3 year = 1,000[1+0.05]³
Total amount after 3 year = 1,000[1.05]³
Total amount after 3 year = 1,157.625
