Question

What is the balance after one year on an investment of $20,000 earning 5.2% interest compounded annually? A. .052 B. 21,040 c. 20,000 D. 1040​

Answer 1

1040

Explanation:

P=$20000

T=1 year

R=5.2%

we know that ,

I=PTR/100

I=$20000*1*5.2/100

I=1040