My Learning Cart
?
Categories
Account

What is the compound interest on $3000 for 1 year at a rate of 5%?

₹0.0
Login to Download
  • 📥 Instant PDF Download
  • ♾ Lifetime Access
  • 🛡 Secure & Original Content

What’s inside this PDF?

Question: What is the compound interest on $3000 for 1 year at a rate of 5%?

Options:

  1. $150.00
  2. $200.00
  3. $180.00
  4. $160.00

Correct Answer: $150.00

Solution: 

Compound Interest = 3000(1 + 0.05)^1 - 3000 = 3000(1.05) - 3000 = 3150 - 3000 = 150.00

What is the compound interest on $3000 for 1 year at a rate of 5%?

Practice Questions

Q1
What is the compound interest on $3000 for 1 year at a rate of 5%?
  1. $150.00
  2. $200.00
  3. $180.00
  4. $160.00

Questions & Step-by-Step Solutions

What is the compound interest on $3000 for 1 year at a rate of 5%?
  • Compound Interest – The interest calculated on the initial principal, which also includes all the accumulated interest from previous periods on a deposit or loan.
Soulshift Feedback ×

On a scale of 0–10, how likely are you to recommend The Soulshift Academy?

Not likely Very likely
Home Practice Performance eBooks