Question

Glenn invested $18,000 at 5% interest compounded annually.

How much interest will Glenn earn in 3 years?

A.
$2837.25

B.
$19,826.24

C.
$20,837.25

D.
$2340.23

Answer 1

@Michele_Laino

Answer 2

Umm>

Answer 3

Do you know the interest formula?

Answer 4

nope

Answer 5

I would like to know the logic how to get the answer, not the formula.

Answer 6

I found this from another open study person:
On how they got A simple interest, I = Principal,p * rate as a %, r/100* time ,t in years
I = P RT/100
p = 18000; r = 5% = 5/100; t = 3 years
plug the numbers

compound interest
I =P (1 + r)^t - P
where r is the rate as a % and t = number of compounding periods

Answer 7

c

Answer 8

I=PRT

Answer 9

I got c also, but it is wrong and the correct one is d. How??? no formula, logic, please

Answer 10

I can copy and paste the review question on how it was wrong and why??

Answer 11

@catterang to me, I believe things I see the proof, not the answer.

Answer 12

This is from k12..

Answer 13

They explain stuff

Answer 14

This is what they said:
5.

Glenn invested $18,000 at 5% interest compounded annually.

How much interest will Glenn earn in 3 years?

A.
$2837.25

B.
$19,826.24

C.
$20,837.25

D.
$2340.23
Incorrect
A.
Use the formula to compute A, the total amount of money Glenn would have after 3 years: A = P(1 + r)t.
Substitute the values you know: P = 18,000; r = 0.05; t = 3:
A = P(1 + r)t
A = 18,000(1 + 0.05)3 Substitute.
A = 18,000(1.05)3 Add values in parentheses.
A = 18,000(1.157625) Compute the power.
A = 20,837.25 Multiply.

Since $20,837.25 is the total amount of money, subtract the original principal of $18,000 to find the amount of interest paid:
$20,837.25 – $18,000 = $2837.25 of interest
C.
Use the formula to compute A, the total amount of money Glenn would have after 3 years: A = P(1 + r)t.
Substitute the values you know: P = 18,000; r = 0.05; t = 3:
A = P(1 + r)t
A = 18,000(1 + 0.05)3 Substitute.
A = 18,000(1.05)3 Add values in parentheses.
A = 18,000(1.157625) Compute the power.
A = 20,837.25 Multiply.

Since $20,837.25 is the total amount of money, subtract the original principal of $18,000 to find the amount of interest paid:
$20,837.25 – $18,000 = $2837.25 of interest

Answer 15

@ikram002p lalala, my Master is here. Help me, friend

Answer 16

Ya answer is A

Answer 17

oooooooooooooooh, got it. they ask about the INTEREST, not the TOTAL AMOUNT after 3 years. ha!!!! ENGLISH mistake

Answer 18

Here is the way you compute it
(18,000(1+.05)^3)-18,000

Answer 19

yeaaa lol :D

Answer 20

Yes

Answer 21

Thanks you guys. Thanks for making it clear to me. hehehe..... if not, I can't sleep tonight

Answer 22

hahahahah

Answer 23

Loser can you check my problem?