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What is the interest earned on $1,000 deposited for 5 years at 15 percent interest compounded annually?

What is the interest earned on $1,000 deposited for 5 years at 15 percent interest compounded annually?
asked 90.1k views
3 votes
what is the interest earned on $1,000 deposited for 5 years at 15 percent interest compounded annually?

asked
User Shaye
by
8.4k points

1 Answer

4 votes

Answer:

$1,011

Step-by-step explanation:

1.15^5= 2.011

1,000*2.011= 2011-1,000= 1,011

answered
User Kyla
by
7.6k points
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