Find the amount of compound interest earned from the following investment:
$6000 at 9% p.a for 4 years, compounded anually.
The final value here is given by
finalvalue=6000×(1+0.09)4⇒finalvalue=8469.48966
So final value = $8469.49
So the interest earned is
8469.49−6000=2469.49 dollars
Thanks