Question

chris invests $14,000 at 4% simple interest for 2 year. How much is in the account at the end of the 2 years period?

Answer 1

Hi there,

Principle Amount = $14000

Interest for 1 year = 4% x 14000 = 0.04 x 14000 = $560
Interest for 2 years = 560 x 2 = $1120

Total amount at the end of the period = $14000 + $1120 = $15120

Answer: $15120

Hope it helps,
TF