An investment of $2,000 is earning interest at the rate of 6.2% compounded quarterly over 5 years. Approximately how much interest is earned on the investment?

a.

$724.67

b.

$2127.72

c.

$720.37

d.

$2720.37

Question

An investment of $2,000 is earning interest at the rate of 6.2% compounded quarterly over 5 years. Approximately how much interest is earned on the investment?


a.
 
$724.67
 

b.
 
$2127.72
 

c.
 
$720.37
 

d.
 
$2720.37

mrnood · Answer

if th erate is 6.2% per year

what is the  interest % in 1/4 year?