y = a(1+x)^t/p
This is the compound growth formula.
y is total
a is initial amount
x is percent growth as decimal
t is total time
p is period of frequency
Always make t and p the same unit of time, so in this case we can turn both variables into months. There are 120 months in 10 years.
So,
y = 3000(1.07)^(120/1)
y = 10073365.15 dollars
