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11 November, 06:02

Glen invested $18,000 at 5% interest compounded annually. How much interested will Glenn earn in 3years

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  1. 11 November, 07:26
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    Investment: $18000

    Interest : 5%

    Compounded Annually for 3 years

    Year 1: $18000 times. 05 = $900

    Year 2: $18900 times. 05 = $945

    Year 3: $19845 times. 05 = $992.25

    At the end of 3 years you'd have $20837.25, and the interest you'd have earned over the 3 years would total $2837.25
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