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How much more money is earned on a $2,500 investment at 2% annual compound interest for 5 years than a $2,500 investment at 2% simple annual interest for 5 years?

How much more money is earned on a $2,500 investment at 2% annual compound interest for 5 years than a $2,500 investment at 2% simple annual interest for 5 years?
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3 votes
How much more money is earned on a $2,500 investment at 2% annual compound interest for 5 years than a $2,500 investment at 2% simple annual interest for 5 years?

asked
User Arniotaki
by
9.1k points

1 Answer

1 vote

simple: 2500(1+0.02)^5
$2760.20
answered
User Timvp
by
8.4k points
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