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24 January, 02:39

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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Answers (1)
  1. 24 January, 05:00
    0
    15000 * (1 + 0.03) ^4

    15000 * 1.1255 = 16882.63 total after 4 years

    16882.63 - 15000 = 1882.63 total interest

    Answer is D
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