Answer:
$1,349.8
Step-by-step explanation:
Using the formula given:
A=Pe^rt, where
A= ending amount
P= beginning amount
e= Euler’s number that is approximately 2.718
r= rate: 3%=0.03
t= time: 10 years
A= $1,000*(e^0.03*10)
A= $1,000*(e^0.3)
A= $1,349.8
According to this, the answer is that the balance after 10 years is $1,349.8.
