Question 1061517
You have to apply the compound interest formula:
initial Capital(1+rate/n)^(n*time) = Amount The n does not apply to this problem, n is the number of compounding periods in a year. For example, if your compounded monthly, n = 12; if it compounded quarterly n= 4. In your case n = 0 so we don't have to concern ourselves with it. But remember, because you may have to use it solving another problem.
:
in this problem:
1,300(1+0.05)^10
1,300(1.05)^10
1,300*1.629 = 2,117.52, and rounded to the nearest: 2,118.
:
John