If 16, 000 is invested in an account for 25 years. Calculate the total interest earned at the end of 25 years if the interest is 5% compounded annually

Solution

Solution

Interest : 38181.68

Solution steps

Translate the problem into an equation:

54181.67905 \dots = 16000 + I

Solve for

I, 54181.67905 \dots = 16000 + I : I = 38181.68

Interest : 38181.68

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