1000 euros is invested at 4% annual interest, compounded yearly. What is the value after 3 years?

Answer and explanation

Correct answer: C. euros

  1. Step 1: Each year multiplies the amount by . Step 2. After three years: . **Answer: euros. Why not the others:** 1120 is simple interest and ignores interest on interest, and 64000 uses 4 as the factor.

Practise more Algebra, Functions, Calculus and Probability.

Free questions with an explanation for every one, and full timed Ylioppilastutkinto (Finnish Matriculation) mock tests.

All Algebra, Functions, Calculus and Probability questionsTake a mock test

More Algebra, Functions, Calculus and Probability questions