0.05% of 20000 = 10
6 ÷ 100 × 20000 = 1200
Total value = 20000*(1.06)2 = 22472 So interest = 2472
700
$5,249.54
50,940 dollars
20,000 + 2(0.05)(20,000) = 22,000
Oh, dude, you're hitting me with some math now? Alright, so if you have $20,000 and the interest rate is 3 percent, you'd earn $600 in interest. But hey, who's counting, right? Just throw that number in the bank and watch it grow... slowly.
4000 !
1600
5000 dollars
3% of 20,000 is 600
1 percent of 2,000 is 20 .