Please help me with this

Question

An investment grows by 3% per year for 30 years. By what percent does it increase over the 30-year period?

Round your answer to one decimal place.

Answer 1

3% increase annually means the principal is multiplied by

100% + 3% = 103% = 1.03

Future Principal = Principal * (1.03)^30

1.03^30 = 2.4272624711896603386424798782582.....

= 242.7262... %