You invest $100 at an annual interest rate of 5%. How much will you have after 3 years if the interest is compounded annually?
Category: Math · Difficulty: hard
Hint: Use the compound interest formula: A = P(1 + r/n)^(nt).
Answer
$115.76
Explanation
Using the formula, A = 100(1 + 0.05)^3 = 100 * 1.157625 = $115.76.
This is a hard math riddle — a tricky one that takes a little thought. The answer is $115.76.
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