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14 September, 05:47

350$ at 3% for 10 years. What Is the

Interest earned?

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Answers (2)
  1. 14 September, 06:23
    0
    The answer is $472.45
  2. 14 September, 08:17
    0
    If you are using continuous compound interest, the formula is A = Pe^RT where A = amount, P = principal value, R = the rate, and t = time. E is an actual number that is kinda hard to explain but it's just a button on the calculator.

    In this case the equation would be A = 350e^ (0.03) (10). This gives you approximately 472.4506 or approximately $472.45 since it's money and you round to the nearest penny.
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