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Glenn invested $15,000 at 3% interest compounded annually. How much interest will Glenn earn in 4 years? a)$20,837.25 b)$16,882.63 c)$2837.25 d)$1882.63
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Glenn invested $15,000 at 3% interest compounded annually.

How much interest will Glenn earn in 4 years?



a)$20,837.25

b)$16,882.63

c)$2837.25

d)$1882.63

User Arnehehe
by
5.3k points

1 Answer

2 votes

15000 * (1+ 0.03)^4

15000 *1.1255 = 16882.63 total after 4 years


16882.63 - 15000 = 1882.63 total interest


Answer is D


User Mackarous
by
5.1k points
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