May someone help me on this please what amount will I put for B?
1 answer:
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
<span>B) Interest = Amount - Principal </span>
= 2676.45 - 2000 = 676.45
<span>Interest ≈ $676.45<span> </span></span>
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