2007-05-28 10:51:57 · 3 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
start $100
year 1 = $100 + $10 = $110
years2 = $110 + $11 = $121
year3 = $121 + $12.10 = $133.10
on the original $100 you made $33.10 interest.
$3.10 of that is made by leaving the interest to accumulate .
This is a very tedious method if there are more years. There are formula for annual or monthly interest.
2007-05-28 11:16:13 · answer #1 · answered by mark 6 · 0⤊ 0⤋
that depends on if the interest is posted monthly or yearly. if it is monthly then you have to calculate the APY( annual percentage yeild). this would be different then a yearly interest rate. if it is yearly then it is 133.10.
2007-05-28 17:56:13 · answer #2 · answered by nyxcat1999 3 · 0⤊ 0⤋
100*(1.10)^3=133.10
2007-05-28 17:54:38 · answer #3 · answered by bruinfan 7 · 0⤊ 0⤋