If you banked $27,778 today at an interest rate of 20%, in two years' time you would have:

Name: If you banked $27,778 today at an interest rate of 20%, in two years' time you would have:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The amount after two years can be calculated using the formula for compound interest: A = P(1 + r)^n, where A is the amount, P is the principal amount ($27,778), r is the annual interest rate (20% or 0.20), and n is the number of years (2). Plugging in the values, A = 27778(1 + 0.20)^2 = 27778 * 1.44 = $40,000.

If You Banked $27,778 Today at an Interest Rate of 20