Problema Solution
find the intrest earned on a principal amount of $2,000 at an intrest rate of $6.75% over a period of 2 years
Answer provided by our tutors
The money over a period of 2 years =
$2,000* (1+6.75%)^2
So the intrest earned =
= $2,000* (1+6.75%)^2 - $2,000
= $279.11