To calculate the total amount after compound interest, we use the formula:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

Given in the problem:
P = $1500
r = 10% or 0.10
n = 1 (since it's compounded annually)
t = 3 years

Substitute these values into the formula:

A = 1500 (1 + 0.10/1) ^ (1*3)
A = 1500 (1 + 0.10) ^ 3
A = 1500 (1.10) ^ 3
A = 1500 * 1.331
A = $1996.50

So, the total amount after 3 years will be $1996.50.

Question

To calculate the total amount after compound interest, we use the formula:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year 
t = time the money is invested for in years

Given in the problem:
P = $1500
r = 10% or 0.10
n = 1 (since it's compounded annually)
t = 3 years

Substitute these values into the formula:

A = 1500 (1 + 0.10/1) ^ (1*3)
A = 1500 (1 + 0.10) ^ 3
A = 1500 (1.10) ^ 3
A = 1500 * 1.331
A = $1996.50

So, the total amount after 3 years will be $1996.50.

Knowee AI · Accepted Answer

To calculate the total amount after compound interest, we use the formula:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year 
t = time the money is invested for in years

Given in the problem:
P = $1500
r = 10% or 0.10
n = 1 (since it's compounded annually)
t = 3 years

Substitute these values into the formula:

A = 1500 (1 + 0.10/1) ^ (1*3)
A = 1500 (1 + 0.10) ^ 3
A = 1500 (1.10) ^ 3
A = 1500 * 1.331
A = $1996.50

So, the total amount after 3 years will be $1996.50.

If the interest rate is 10% and the time period is 3 years compounded annually, what is the total amount after compound interest on a principal amount of $1500?*$1650.05$2310.00$1996.50$1950.00

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