Question

24) Samit invests $1800 at a rate of 4.5% per year simple interest.

Work out the value of his investment at the end of 4 years.

Answer 1

Answer: 2124 dollars

Explanation:

4.5% of 1800 is 81. As it is simple interest and not compound, it does not change each year. Therefore, 81 x 4 is 324. 1800+324 = 2124 dollars