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What will be the compound interest on $2000 for 3 years at a rate of 6% per annu

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Question: What will be the compound interest on $2000 for 3 years at a rate of 6% per annum?

Options:

  1. $360
  2. $400
  3. $420
  4. $450

Correct Answer: $420

Solution: 

CI = P(1 + r/100)^n - P = 2000(1 + 0.06)^3 - 2000 = 2000(1.191016) - 2000 = 2382.032 - 2000 = $382.032.

What will be the compound interest on $2000 for 3 years at a rate of 6% per annu

Practice Questions

Q1
What will be the compound interest on $2000 for 3 years at a rate of 6% per annum?
  1. $360
  2. $400
  3. $420
  4. $450

Questions & Step-by-Step Solutions

What will be the compound interest on $2000 for 3 years at a rate of 6% per annum?
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