Ask a New Question

Question

You have 10,000 invested at 8% interest per annum. How much interest is earned in 2 years, 4 months?
3 years ago

Answers

oobleck
the interest only accrues at the end of each year, so assuming compound interest,
10000 * 1.08^2

you may want to be a little more careful when presenting the problem.
3 years ago

Related Questions

If $20,000 is invested in a savings account offering 3.5% per year, compounded continuously, how fas... How can $60,000 be invested, part at 7% annual simple interest and the remainder at 12% annual simpl... if $15,000 is invested at 6%, compounded quarterly, how long will it be before it grows to $25,000? You invested $14,000 in two accounts paying 5% and 9% annual interest, respectively. If the total in... If N$20,000 has been invested for the last 3 years at 6% per annum simple interest, what is the tota... A certain sum was invested on simple interest for a period of seven years. During the period of the... a boy invested rs. 60,000 at an interest rate of 12% per annum compounded every 3 month. What amoun... If 3,000,000 is invested at 6% interest compounded continuously, how much will the investment be wor... 2. $1,400 is invested at 4% per annum how long will it take to for the amount to reach $1,624? 7. If you invested $10,000 in this bond mutual fund in 2011, approximately how much would the bond m...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use