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What is the compound interest on $2000 at a rate of 10% per annum for 3 years?

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Question: What is the compound interest on $2000 at a rate of 10% per annum for 3 years?

Options:

  1. $600
  2. $662
  3. $731
  4. $800

Correct Answer: $731

Solution: 

Amount = 2000 * (1 + 0.10)^3 = 2000 * 1.331 = $2662. Compound Interest = Amount - Principal = 2662 - 2000 = $662.

What is the compound interest on $2000 at a rate of 10% per annum for 3 years?

Practice Questions

Q1
What is the compound interest on $2000 at a rate of 10% per annum for 3 years?
  1. $600
  2. $662
  3. $731
  4. $800

Questions & Step-by-Step Solutions

What is the compound interest on $2000 at a rate of 10% per annum for 3 years?
  • Compound Interest – The interest calculated on the initial principal, which also includes all the accumulated interest from previous periods.
  • Exponential Growth – Understanding how the amount grows over time due to compounding.
  • Formula Application – Applying the compound interest formula correctly: A = P(1 + r)^n.
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