Register

Glenn invested $18,000 at 5% interest compounded annually. How much interest will Glenn earn in 3 years? A. $20,837.25 B. $19,826.24 C. $2340.23 D. $2837.25

Glenn invested $18,000 at 5% interest compounded annually. How much interest will Glenn earn in 3 years? A. $20,837.25 B. $19,826.24 C. $2340.23 D. $2837.25
90.2k views
4 votes
Glenn invested $18,000 at 5% interest compounded annually. How much interest will Glenn earn in 3 years? A. $20,837.25 B. $19,826.24 C. $2340.23 D. $2837.25

User Timur Bilalov
by
7.3k points

2 Answers

3 votes
I'm pretty sure it is D
User Toure
by
7.8k points
5 votes
Interest earned
= P((1+i)^n-1)
=18000((1+0.05)^3-1)
=18000(0.157625)
=2837.25
User Fanli
by
7.7k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!