SOLUTION: How much interest is earned for the investment? $20,000 for 2 years at 5% compounded annually.

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Question 756249: How much interest is earned for the investment? $20,000 for 2 years at 5% compounded annually.
Answer by Tsid(1) About Me  (Show Source):
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How much interest is earned for the investment? $20,000 for 2 years at 5% compounded annually.
Ans=
By formulae,
P= ($ x time x %)/ 100
= (20000 x 2 x 5)/ 100
= 200 x 10
= 2000
interest is $2000