Compound interest

Compound interest: Clara deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. Both money and interest remain deposited in the bank. How many CZK will be in the bank after 3 years?

Correct answer:

x =  104567.84 Kc

Step-by-step explanation:

$$\begin{gathered} a=100000 \\ q=1+1.5\mathrm{/}100={\displaystyle \frac{203}{200}}=1.015 \\ x=a\cdot q^3=100000\cdot 1.015^3=104567.84\text{ Kc}=1.0\cdot 10^5\text{ Kc} \end{gathered}$$

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