Answer
1.05; 1.05
Work Step by Step
Since we use an interest rate of 5%, we multiply by 1.05. Since the time period is two years, we multiply by 1.05 twice. Therefore:
$\$3000*1.05*1.05=\$3307.50$
Basic College Mathematics (9th Edition)
by Lial, Margaret L.; Salzman, Stanley A.; Hestwood, Diana L.
Published by
Pearson
ISBN 10:
0321825535
ISBN 13:
978-0-32182-553-7
Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 455: 10
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