Question

Tiara deposited $10,000 into an account that earned 15% compound interest over 10 years. What is the amount of interest earned after 10 years?

A: $15,000
B: $30,455.60
C: $25,000
D: $40,455.60

Answer 1

The final balance is $44,402.15.

The total compound interest is $34,402.15.

Answer 2

15% of 10,000 is 1,500 and 1,500x10=15,000 meaning Tiara earned $15,000 in interest over 10yrs