Question

The principal is 2200.00 and the rate of interest is 7% what is the final account balance after two years

Answer 1

2508

Explanation:

We are given that

Principal ,P=2200

Rate of interest, r=7%

Time, t=2 year

We have to find the final account balance after two years.

`S.I=(P* r* t)/(100)`

Using the formula

`S.I=(2200* 7* 2)/(100)=308`

Amount=P+S.I

Amount=2200+308

Amount=2508

Hence, the final account balance after two years=2508