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What is the compound interest on $2000 at an interest rate of 6% per annum for 2

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Question: What is the compound interest on $2000 at an interest rate of 6% per annum for 2 years?

Options:

  1. $252
  2. $240
  3. $300
  4. $280

Correct Answer: $252

Solution: 

Compound Interest = P(1 + r/n)^(nt) - P = 2000(1 + 0.06)^2 - 2000 = 2000(1.1236) - 2000 = $247.20.

What is the compound interest on $2000 at an interest rate of 6% per annum for 2

Practice Questions

Q1
What is the compound interest on $2000 at an interest rate of 6% per annum for 2 years?
  1. $252
  2. $240
  3. $300
  4. $280

Questions & Step-by-Step Solutions

What is the compound interest on $2000 at an interest rate of 6% per annum for 2 years?
  • Compound Interest Calculation – Understanding how to calculate compound interest using the formula A = P(1 + r/n)^(nt), where A is the amount, P is the principal, r is the interest rate, n is the number of times interest is compounded per year, and t is the time in years.
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