Question

QUICK PLEASE. A person invest $2000 at 4.5% simple interest for two years. make sure to show all your work.

Answer 1

The total amount after 2 years is $2180

How to determine the interest?

The given parameters are:

Principal, P =$2000

Rate, r =4.5%

The interest in 2 years is calculated as:

I = PRT

So, we have:

I = 2000 * 4.5% * 2

Evaluate

I = 180

Hence, the interest after 2 years is $180

How to determine the total amount?

This is calculated as:

Amount = P + I

So, we have:

Amount = $2000 + $180

Evaluate

Amount = $2180

Hence, the total amount after 2 years is $2180

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