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?

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asked Nov 3, 2019 35.7k views

1 Answer

Foo · Answer 1 · 2019-11-08T00:21:13+0000

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

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?

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