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What will be the compound interest on $1500 at 4% per annum after 3 years?

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Question: What will be the compound interest on $1500 at 4% per annum after 3 years?

Options:

  1. $180
  2. $200
  3. $250
  4. $220

Correct Answer: $220

Solution: 

CI = 1500(1 + 0.04)^3 - 1500 = 1500(1.124864) - 1500 = $187.30.

What will be the compound interest on $1500 at 4% per annum after 3 years?

Practice Questions

Q1
What will be the compound interest on $1500 at 4% per annum after 3 years?
  1. $180
  2. $200
  3. $250
  4. $220

Questions & Step-by-Step Solutions

What will be the compound interest on $1500 at 4% per annum after 3 years?
No concepts available.
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