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What will be the total amount after 3 years if $2000 is invested at a compound i

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Question: What will be the total amount after 3 years if $2000 is invested at a compound interest rate of 7% per annum?

Options:

  1. $2400.00
  2. $2500.00
  3. $2600.00
  4. $2700.00

Correct Answer: $2600.00

Solution: 

Total Amount = 2000(1 + 0.07)^3 = 2000(1.225043) = 2450.09.

What will be the total amount after 3 years if $2000 is invested at a compound i

Practice Questions

Q1
What will be the total amount after 3 years if $2000 is invested at a compound interest rate of 7% per annum?
  1. $2400.00
  2. $2500.00
  3. $2600.00
  4. $2700.00

Questions & Step-by-Step Solutions

What will be the total amount after 3 years if $2000 is invested at a compound interest rate of 7% per annum?
No concepts available.
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