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What will be the amount after 4 years if $2000 is invested at a compound interes

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Question: What will be the amount after 4 years if $2000 is invested at a compound interest rate of 5% per annum?

Options:

  1. $2400
  2. $2500
  3. $2200
  4. $2100

Correct Answer: $2500

Solution: 

Amount = P(1 + r)^t = 2000(1 + 0.05)^4 = 2000(1.21550625) = $2431.01

What will be the amount after 4 years if $2000 is invested at a compound interes

Practice Questions

Q1
What will be the amount after 4 years if $2000 is invested at a compound interest rate of 5% per annum?
  1. $2400
  2. $2500
  3. $2200
  4. $2100

Questions & Step-by-Step Solutions

What will be the amount after 4 years if $2000 is invested at a compound interest rate of 5% per annum?
No concepts available.
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