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What is the compound interest on $400 at a 8% annual rate compounded annually for two years? A. $32.00 B. $34.56 C. $64.00 D. $66.56
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What is the compound interest on $400 at a 8% annual rate compounded annually for two years?

A. $32.00
B. $34.56
C. $64.00
D. $66.56

User Acroscene
by
7.6k points

2 Answers

5 votes
it is simply c because 8% annual of £400 is £32 then times that by 2 for 2 years is £64. if you want my working out...don't hesitate to ask and I'll comment them to you..hope I helped
User Andres Paul
by
8.3k points
3 votes
A= P(1 +r/n)^n(t)
= 400 (1 + .08/1)1(2)
= 466.56

466.56 - 400 = 66.56

answer is D. $66.56

User Samuel Olufemi
by
7.5k points
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