SOLUTION: How to find the interest, I and the total amount, A, for $3250 invested for 5 years at 2% APR, Compounded annually.

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Question 755692: How to find the interest, I and the total amount, A, for $3250 invested for 5 years at 2% APR, Compounded annually.

Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




Where represents the present value, $3250 in your case, represents the annual percentage rate, 2% in your case, but expressed as a decimal, is the number of compounding periods per annum, 1 in your case, and is the duration of the investment in years.

Plug in the numbers and get out the calculator.

Total interest is

John

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