Answer:
The amount after 3 years of investment is $20763 .
Step-by-step explanation:
Given as :
The principal invested = p =$15,000
The rate of interest = r = 3% compounded annually
The time period = t = 11 years
Let The Amount after 3 years = $ A
From Compounded method
Amount = Principal × [tex](1+\dfrac{\textrm rate}{100})^{\textrm time}[/tex]
Or, A = p × [tex](1+\dfrac{\textrm r}{100})^{\textrm t}[/tex]
Or, A = $15,000 × [tex](1+\dfrac{\textrm 3}{100})^{\textrm 11}[/tex]
Or, A = $15,000 × [tex](1.03)^{11}[/tex]
Or, A = $15,000 × 1.3842
Or, A = $20763
So, Amount = A = $20763
Hence The amount after 3 years of investment is $20763 . Answer
