Question

Plsss help me

What is the simple interest that is missing from the table? Use the formula


I?

p

$5,630

r

4%

t

2 years

$450.00

$450.40

$45,000.40

$45,040.00

Answer 1

Fv = future value

Pv = present value

Fv = Pv (1+ it)

= $5,630( 1+0.04 (2))

= $6080.4

Fv = Pv + interest

$6080.4 = $5,630 +interest

interest = $6080.4 - $5,630 = $450.40

Explanation: