A quantity increases by 3% for each of 10 years. What is its percentage increase over the 10-year period? (Round your answer to two decimal places.)

Answer 1

A=A₀·1.03¹⁰

^{(A - A}₀^)/A₀^{= (1.03^10 - 1)100% = 34.3916%} ·

Answer 2

1.03^10 gives the multiple for the quantity, so 1.03^10 - 1 gives the increase, which we multiply by 100 to give a percent.

0.343916379344122 rounds to 34.39%. Note that this is greater than 3% * 10 = 30%.