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02-08-2018
Mathematics

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

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superman100g superman100g

02-08-2018

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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choixongdong choixongdong

02-08-2018

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

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