chloemd chloemd

14-02-2018
Mathematics

contestada

Glenn invested $18,000 at 5% interest compounded annually. How much interest will Glenn earn in 3 years? A. $20,837.25 B. $19,826.24 C. $2340.23 D. $2837.25

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aidenmoseley200 aidenmoseley200

14-02-2018

I'm pretty sure it is D

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mathmate mathmate

14-02-2018

Interest earned
= P((1+i)^n-1)
=18000((1+0.05)^3-1)
=18000(0.157625)
=2837.25

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