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7 August, 10:34

Glenn invested $15,000 at 3% interest compounded annually. How much interest will Glenn earn in 4 years?

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  1. 7 August, 11:37
    0
    Total compounded interest = P (1 + r) ^t - P

    Total compounded interest = [15,000 (1 + 0.03) ^4 ] - 15,000

    Total compounded interest = 16,882.63 - 15,000

    Total compounded interest = 1,882.63

    Answer: $1,882.63
  2. 7 August, 11:40
    0
    Glenn will earn $1800 in 4 years because for one year the interest is $450 so in four it would be $1800
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