Question

Determine the total value of the investment given the principal, simple interest rate, and time.

Answer 1

As it is simple interest, you simply need to find what 4.5% of $2300 is, and then multiply this answer by 10. If it would have been compound interest, it would have been much more difficult.
There are a number of ways that you can find out what 4.5% is, you can either divide $2300 by 100, and then multiply by 4.5, or you can find 1%, and multiply by 4.5.
Personally, I think that doing it the first way is easier. $2300/100= 23. 23*4.5= $103.50
Therefore, the interest for 1 year is $103.50.
In order to find what ten years is, you simply have to multiply this by 10. $103.50*10= $1035
To find the total value, you simply have to add the original investment ($2300) and the interest ($1035) together. $2300+$1035= $3335
Therefore, the total of the investment after 10 years is $3335.

Hope this helps :)