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If a sum of money is invested at a compound interest rate of 12% per annum, how

Practice Questions

Q1
If a sum of money is invested at a compound interest rate of 12% per annum, how much will it grow in 2 years if the principal is $1500?
  1. $1680
  2. $1690
  3. $1700
  4. $1710

Questions & Step-by-Step Solutions

If a sum of money is invested at a compound interest rate of 12% per annum, how much will it grow in 2 years if the principal is $1500?
  • Compound Interest – Understanding how compound interest works, including the formula for calculating the total amount after a certain number of years.
  • Mathematical Operations – Performing exponentiation and multiplication accurately to find the final amount.
  • Percentage Calculation – Converting the interest rate from a percentage to a decimal for calculations.
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