How much interest is earned for the investment?

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

Question

How much interest is earned for the investment? 

$20,000 for 2 years at 6% compounded annually

jdoe0001 · Answer

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

mathstudent55 · Answer

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

anonymous · Answer

i got 224.72

jdoe0001 · Answer

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

mathstudent55 · Answer

F = P(1 + r)^t

F = 20,000(1 + 0.06)^2

F = 22,472

22,472 - 20,000 = 2472

anonymous · Answer

did i get it righjt

mathstudent55 · Answer

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

mathstudent55 · Answer

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

anonymous · Answer

ya tht wht i got