Answer:
$268.78
Step-by-step explanation:
We will use the compound interest formula to solve this:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, change 3% into its decimal form:
3% -> [tex]\frac{3}{100}[/tex] -> 0.03
Now, plug in the values:
[tex]A=200(1+\frac{0.03}{1})^{1(10)}[/tex]
[tex]A=268.78[/tex]
After 10 years, you will have $268.78
