Answer:
32,063.06
Step-by-step explanation:
the formula for compound interest: [tex]A = P(1+\frac{r}{n})^{nt\\}[/tex]
so to use this you are essentially solving for a.
p is the principle (or initial) amount deposited.
r is the rate (in percent)
n is the number of time periods compounded (like annually, monthly, weekly, or daily)
t is the time period (in years)
In this instance the formula looks like: [tex]A = 30,000(1+\frac{0.03}{1})^{1*2.25}[/tex]
You then solve for A using the formula. It is important to remember to use the order of operations
