Question

a principal of $2400 is invested at 4.75% interest annually. how much will the investment be worth at 14 years

Answer 1

A = $3,996.00

Explanation:

the equation used for simple interest is A = P(1 + rt), where p= principle, r=rate(interest), and t=time. first convert the rate into a decimal, then plug inb the numbers into the equation. A = 2400(1 + (0.0475 × 14))=$3,996.00