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If $1500 is invested at a compound interest rate of 6% per annum, what will be t

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Question: If $1500 is invested at a compound interest rate of 6% per annum, what will be the amount after 1 year?

Options:

  1. $1590
  2. $1580
  3. $1600
  4. $1550

Correct Answer: $1590

Solution: 

Amount = P(1 + r)^n = 1500(1 + 0.06)^1 = 1500(1.06) = $1590.

If $1500 is invested at a compound interest rate of 6% per annum, what will be t

Practice Questions

Q1
If $1500 is invested at a compound interest rate of 6% per annum, what will be the amount after 1 year?
  1. $1590
  2. $1580
  3. $1600
  4. $1550

Questions & Step-by-Step Solutions

If $1500 is invested at a compound interest rate of 6% per annum, what will be the amount after 1 year?
  • Compound Interest – Understanding how to calculate the future value of an investment using the formula A = P(1 + r)^n, where A is the amount, P is the principal, r is the interest rate, and n is the number of years.
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