After 4 years, what is the total amount of a compound interest investment of $20,000 at 2% interest, compounded monthly?

A) $25,409.78

B) $21,648.64

C) $23,514.81

D) $21,664.30

Question

Tiana Howe

13 December, 21:46

+5

Answers (1)

Know the Answer?

Judah Donaldson · Answer 1

A=P (1+r/n) n*t

A=20.000 (1+0.02/1) 1*4 A=20.000*1.024 A=20.000*1.082432 A=21.648.64 The answer is B

After 4 years, what is the total amount of a compound interest investment of $20,000 at 2% interest, compounded monthly?A) $25,409.78B) $21,648.64C) $23,514.81D) $21,664.30