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If $1500 is invested at a rate of 6% per annum, what will be the total amount af

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Question: If $1500 is invested at a rate of 6% per annum, what will be the total amount after 5 years with compound interest?

Options:

  1. $2000
  2. $1800
  3. $2005
  4. $1950

Correct Answer: $2000

Solution: 

Total Amount = P(1 + r)^t = 1500(1 + 0.06)^5 = 1500(1.338225) = $2007.34

If $1500 is invested at a rate of 6% per annum, what will be the total amount af

Practice Questions

Q1
If $1500 is invested at a rate of 6% per annum, what will be the total amount after 5 years with compound interest?
  1. $2000
  2. $1800
  3. $2005
  4. $1950

Questions & Step-by-Step Solutions

If $1500 is invested at a rate of 6% per annum, what will be the total amount after 5 years with compound interest?
  • Compound Interest – The process of earning interest on both the initial principal and the accumulated interest from previous periods.
  • Exponential Growth – Understanding how investments grow over time when interest is compounded.
  • Mathematical Formulas – Application of the formula for compound interest: A = P(1 + r)^t.
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