Question

Kenneth has 2,000$ to invest

Answer 1

The calculations for 2, 4, 8 year can be derived as follows,

For simple interest:

                   S.I = $\frac{P*T*R}{100}$

P= principle

T= Time

R= Rate

For 2 year;

            S.I = $\frac{2000*2*5.6}{100}$=  $224

           Amount = $2224

For 4 year;

            S.I = $\frac{2000*4*5.6}{100}$= $448

           Amount = $2448

For 8 year;

             S.I = $\frac{2000*8*5.6}{100}$= $896

           Amount = $2896