Ask Question
14 February, 17:35

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

+2
Answers (2)
  1. 14 February, 17:46
    0
    Glenn will earn $1800 in 4 years because for one year the interest is $450 so in four it would be $1800
  2. 14 February, 17:47
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Glenn invested $15,000 at 3% interest compounded annually. How much interest will Glenn earn in 4 years? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers