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What is the total amount after 4 years if $1000 is invested at a compound intere

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Question: What is the total amount after 4 years if $1000 is invested at a compound interest rate of 7% per annum?

Options:

  1. $1200
  2. $1204.49
  3. $1100
  4. $1150

Correct Answer: $1204.49

Solution: 

Total Amount = P(1 + r/n)^(nt) = 1000(1 + 0.07/1)^(1*4) = 1000(1.3107961) = $1310.80

What is the total amount after 4 years if $1000 is invested at a compound intere

Practice Questions

Q1
What is the total amount after 4 years if $1000 is invested at a compound interest rate of 7% per annum?
  1. $1200
  2. $1204.49
  3. $1100
  4. $1150

Questions & Step-by-Step Solutions

What is the total amount after 4 years if $1000 is invested at a compound interest rate of 7% per annum?
No concepts available.
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