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What is the compound interest on $3000 at a rate of 9% per annum for 2 years?

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Question: What is the compound interest on $3000 at a rate of 9% per annum for 2 years?

Options:

  1. $540.00
  2. $600.00
  3. $500.00
  4. $450.00

Correct Answer: $540.00

Solution: 

Compound Interest = P(1 + r/n)^(nt) - P = 3000(1 + 0.09/1)^(1*2) - 3000 = 3000(1.1881) - 3000 = 564.30

What is the compound interest on $3000 at a rate of 9% per annum for 2 years?

Practice Questions

Q1
What is the compound interest on $3000 at a rate of 9% per annum for 2 years?
  1. $540.00
  2. $600.00
  3. $500.00
  4. $450.00

Questions & Step-by-Step Solutions

What is the compound interest on $3000 at a rate of 9% per annum for 2 years?
  • Compound Interest – The interest calculated on the initial principal, which also includes all the accumulated interest from previous periods.
  • Formula Application – Understanding and applying the compound interest formula: A = P(1 + r/n)^(nt), where A is the amount, P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the time in years.
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