Basic College Mathematics (10th Edition)

by Lial, Margaret L.; Salzman, Stanley A.; Hestwood, Diana L.

Published by Pearson

ISBN 10: 0134467795

ISBN 13: 978-0-13446-779-5

Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 453: 10

Answer

The student added 1.05 to itself instead of multiplying.

Work Step by Step

Instead of adding 1.05 to itself, the student should have multiplied. Doing this, the answer becomes: $$ =3000\times (1.05\times 1.05) \\ = 3000 \times 1.103 \\ = 3308$$

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