An investment of $2,000 is earning interest at the rate of 6.2% compounded quarterly over 5 years. Approximately how much interest is earned on the investment?

Answer 1

http://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

http://www.moneychimp.com/articles/finworks/fmfutval.htm

Answer 2

interest = 2000(1.0155)^20 - 2000
= 720.37

or "appr" $ 720