# 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?

Result

x =  104567.84 Kc

#### Solution:

$a=100000 \ \\ q=1+1.5/100=\dfrac{ 203 }{ 200 }=1.015 \ \\ x=a \cdot \ q^{ 3 }=100000 \cdot \ 1.015^{ 3 }=104567.8375=104567.84 \ \text{Kc}$

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