Compound interest = $3310
How to find compound interest?
Formula for calculating compound interest
A = P[1 + R/100]^N
A - Amount
P - Principle amount
R - Rate of interest
N - Number of years
To find compound interest
Here
P - $100,000
R - 10%
N - 3 years
A = P[1 + R/100]^N
A = 100000[1 + 10/100]^3
A = 100000[110/100]^3
A = 100000[1.10]^3 = 133100
Compound interest CI = A - P = 133100 - 100000 = 33100
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