Question

How much interest is earned for the investment?

$20,000 for 2 years at 6% compounded annually

Answer 1

do the same as before \(\bf Balance=P\left(1+\frac{r}{n}\right)^{nt}\\ \quad \\
P=principal\\
r=rate\ 6\% = 0.06\\
n=period\textit{per year, 12 months per year, }=12\)

Answer 2

Calculate the future value, then subtract the present value from it. The difference is the interest.

Answer 3

i got 224.72

Answer 4

ohh ahemm. right... tis the interest only =)

Answer 5

F = P(1 + r)^t

F = 20,000(1 + 0.06)^2

F = 22,472

22,472 - 20,000 = 2472

Answer 6

did i get it righjt

Answer 7

Are you sure you used 20,000 in your calculation?
It seems you entered 2000 instead.

Answer 8

You're off by a factor of 10
The answer is 2472
You have 247.2

Answer 9

ya tht wht i got