Answer:
A = $211.50
A = P + I where
P (principal) = $100.00
I (interest) = $111.50
Step-by-step explanation:
$209.37 will the account be worth in 25 years.
Compound Interest is defined as interest earn on interest.
[tex]A = P(1 + \frac{r}{100})^{t}[/tex]
P= $100
r = 3%
t=25 years
substitute the values in formula,
[tex]A = 100(1 + \frac{3}{100})^{25}[/tex]
[tex]A = 100(1 + 0.03)^{25}[/tex]
[tex]A = 100(1.03)^{25}[/tex]
[tex]A=100(2.0937)[/tex]
[tex]A=209.37[/tex]
Hence, $209.37 will the account be worth in 25 years.
Learn more about Compound Interest
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