3 years ago

May someone help me on this please what amount will I put for B?

1 answer:

6 0

P = $2000, Rate, r = 6% = 0.06 per year, Time, t = 5 years.

For compound interest compounded annually:

A) Amount, A = P(1 + r)^t

A = 2000(1 + 0.06)⁵

A = 2000(1.06)⁵ ≈ 2676.45

Amount ≈ $2676.45

B) Interest = Amount - Principal 

= 2676.45 - 2000 = 676.45

Interest ≈ $676.45

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