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What will be the compound interest on $2500 at a rate of 7% per annum for 3 year

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Question: What will be the compound interest on $2500 at a rate of 7% per annum for 3 years?

Options:

  1. $577.50
  2. $600.00
  3. $550.00
  4. $525.00

Correct Answer: $577.50

Solution: 

Compound Interest = 2500(1 + 0.07)^3 - 2500 = 2500(1.225043) - 2500 = 3062.61 - 2500 = 577.50

What will be the compound interest on $2500 at a rate of 7% per annum for 3 year

Practice Questions

Q1
What will be the compound interest on $2500 at a rate of 7% per annum for 3 years?
  1. $577.50
  2. $600.00
  3. $550.00
  4. $525.00

Questions & Step-by-Step Solutions

What will be the compound interest on $2500 at a rate of 7% per annum for 3 years?
No concepts available.
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