Please help with a step by step explanation
1 answer:
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The calculations for 2, 4, 8 year can be derived as follows,
For simple interest:
S.I =
P= principle
T= Time
R= Rate
For 2 year;
S.I = = $224
Amount = $2224
For 4 year;
S.I = = $448
Amount = $2448
For 8 year;
S.I = = $896
Amount = $2896