An algebra problem by Sidney Bartlett
Algebra
Level
3
if John has $3000 in his savings account, and he does not withdraw or deposit, and there is an interest rate of 5% how much money will he have in 30 years?
Use compound interest.
The answer is 12965.83.
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1 solution
Some people may think that this is simple interest instead of compound interest. Can the problem please be edited?
The problem apparently asks for compound interest, so therefore, our answer would be 3 0 0 0 × ( 1 . 0 5 ) 3 0