Question

Question 9: It if known that $600 invested for two years will earn $264 in interest . Find the accumulated value
of $2000 invested at the same rate of compound interest for three years. ​

Answer 1

Answer:

It is known that $600 invested for two years will $264 in interest. Find the accumulated value of $2000 invested at the same rate of compound interest for three years. This is compound interest, so 600[(1+i)^2] = 824.