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If $2000 is invested at a compound interest rate of 6% per annum, what will be t
If $2000 is invested at a compound interest rate of 6% per annum, what will be the total amount after 3 years?
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Practice Questions
1 question
Q1
If $2000 is invested at a compound interest rate of 6% per annum, what will be the total amount after 3 years?
$2380.00
$2260.00
$2120.00
$2400.00
Show Solution
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Amount = P(1 + r)^n = 2000(1 + 0.06)^3 = 2000(1.191016) = $2380.03
Questions & Step-by-step Solutions
1 item
Q
Q: If $2000 is invested at a compound interest rate of 6% per annum, what will be the total amount after 3 years?
Solution:
Amount = P(1 + r)^n = 2000(1 + 0.06)^3 = 2000(1.191016) = $2380.03
Steps: 9
Show Steps
Step 1: Identify the principal amount (P). In this case, P = $2000.
Step 2: Identify the annual interest rate (r). Here, r = 6%, which is 0.06 in decimal form.
Step 3: Identify the number of years (n) the money is invested. In this case, n = 3 years.
Step 4: Use the compound interest formula: Amount = P(1 + r)^n.
Step 5: Substitute the values into the formula: Amount = 2000(1 + 0.06)^3.
Step 6: Calculate (1 + 0.06) = 1.06.
Step 7: Raise 1.06 to the power of 3: (1.06)^3 = 1.191016.
Step 8: Multiply the principal amount by the result: Amount = 2000 * 1.191016.
Step 9: Calculate the final amount: Amount = $2380.03.
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