The total amount accrued, principal plus interest, with compound interest on a principal of $100.00 at a rate of 3% per year compounded 12 times per year over 1 years is $103.04.
Given data
A = P + I where
P (principal) = $100.00
I (interest) = $3.04
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 3/100
r = 0.03 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt
A = 100.00(1 + 0.03/12)^(12)(1)
A = 100.00(1 + 0.0025)^(12)
A = $103.04
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