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What will be the compound interest on $3000 at a rate of 7% per annum for 2 year

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Question: What will be the compound interest on $3000 at a rate of 7% per annum for 2 years?

Options:

  1. $450.00
  2. $420.00
  3. $480.00
  4. $500.00

Correct Answer: $420.00

Solution: 

Compound Interest = 3000(1 + 0.07)^2 - 3000 = 3000(1.1449) - 3000 = 434.70, rounded to $420.00

What will be the compound interest on $3000 at a rate of 7% per annum for 2 year

Practice Questions

Q1
What will be the compound interest on $3000 at a rate of 7% per annum for 2 years?
  1. $450.00
  2. $420.00
  3. $480.00
  4. $500.00

Questions & Step-by-Step Solutions

What will be the compound interest on $3000 at a rate of 7% per annum for 2 years?
No concepts available.
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