michelle51056 michelle51056

03-04-2021
Mathematics

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If Jeffrey invested $2,000 (principal) for 5 years at 5% interest rate compounded annually how much Interest would he earn over 5 years?

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wolf1728 wolf1728

03-04-2021

Answer:

Total = principal * (1+ rate/100)^ years

Total = 2,000 * 1.05^5

Total = 2,000 * 1.2762815625

Total = 2,552.36

Source: http://www.1728.org/compint2.htm

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