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What is the compound interest on $3000 for 4 years at a rate of 10% per annum?

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Question: What is the compound interest on $3000 for 4 years at a rate of 10% per annum?

Options:

  1. $1200.00
  2. $1300.00
  3. $1400.00
  4. $1500.00

Correct Answer: $1200.00

Solution: 

Compound Interest = 3000(1 + 0.10)^4 - 3000 = 3000(1.4641) - 3000 = 4392.30 - 3000 = 1392.30

What is the compound interest on $3000 for 4 years at a rate of 10% per annum?

Practice Questions

Q1
What is the compound interest on $3000 for 4 years at a rate of 10% per annum?
  1. $1200.00
  2. $1300.00
  3. $1400.00
  4. $1500.00

Questions & Step-by-Step Solutions

What is the compound interest on $3000 for 4 years at a rate of 10% per annum?
  • Compound Interest – The interest calculated on the initial principal, which also includes all the accumulated interest from previous periods.
  • Exponential Growth – Understanding how the compound interest formula involves raising a base to a power, reflecting growth over multiple periods.
  • Percentage Calculation – Applying the percentage rate to the principal amount to determine the interest earned over time.
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