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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

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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4 votes
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

asked
User Timur Bilalov
by
7.3k points

2 Answers

3 votes
I'm pretty sure it is D
answered
User Toure
by
7.8k points
5 votes
Interest earned
= P((1+i)^n-1)
=18000((1+0.05)^3-1)
=18000(0.157625)
=2837.25
answered
User Fanli
by
7.7k points
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