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

What is .725 as a fraction
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!