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Vladimir [108]
3 years ago
6

If you invest $2,000 today for three years at 5% interest paid annually, you will earn a total of $______ in interest. Assume yo

u re-invest all interest.
A. 205.00
B. 300.00
C. 315.25
D. 500.00
Business
1 answer:
Usimov [2.4K]3 years ago
8 0

Answer:

Option (C) is correct.

Explanation:

Given that,

Amount invested today = $2,000

Interest paid annually(r) = 5%

Time period(n) = 3 years

Future\ value=Present\ value\times(1+r)^{n}

Future\ value=2,000\times(1+0.05)^{3}

Future\ value=2,000\times(1.05)^{3}

                            = $2,315.25

Therefore,

Total amount earn:

= Future value - Present value

= $2,315.25 - $2,000

= $315.25

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<h3>What is cost accounting?</h3>

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