if you invest $40 in an account for 10 years at 3% interest rate.how much money will you have?

Question

if you invest $40 in an account for 10 years at 3% interest rate.how much money will you have?

Answer 1

If you invest $40 into an account for 10 years and you accrue a 3% interest rate yearly, at the end of ten years you have accumulated $12 in interest and your ending balance with interest included will amount to roughly $54.

 

 

40(1.03)^10 = $53.76

 

Hope this helps.