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If $1000 is invested at a compound interest rate of 6% per annum, what will be t

Practice Questions

Q1
If $1000 is invested at a compound interest rate of 6% per annum, what will be the amount after 2 years?
  1. $1123.60
  2. $1260
  3. $1156.16
  4. $1200

Questions & Step-by-Step Solutions

If $1000 is invested at a compound interest rate of 6% per annum, what will be the amount after 2 years?
  • Compound Interest – The process of earning interest on both the initial principal and the accumulated interest from previous periods.
  • Exponential Growth – Understanding how investments grow over time due to compounding.
  • Mathematical Operations – Applying basic arithmetic operations and understanding the order of operations in calculations.
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