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What will be the compound interest on $2000 at 5% per annum after 4 years?

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Question: What will be the compound interest on $2000 at 5% per annum after 4 years?

Options:

  1. $400
  2. $500
  3. $600
  4. $800

Correct Answer: $600

Solution: 

CI = P(1 + r)^n - P = 2000(1 + 0.05)^4 - 2000 = 2000(1.21550625) - 2000 = $430.61.

What will be the compound interest on $2000 at 5% per annum after 4 years?

Practice Questions

Q1
What will be the compound interest on $2000 at 5% per annum after 4 years?
  1. $400
  2. $500
  3. $600
  4. $800

Questions & Step-by-Step Solutions

What will be the compound interest on $2000 at 5% per annum after 4 years?
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