Question

Kenneth has 2,000$ to invest

Answer 1

The calculations for 2, 4, 8 year can be derived as follows,

For simple interest:

S.I =
`(P*T*R)/(100)`

P= principle

T= Time

R= Rate

For 2 year;

S.I =
`(2000*2*5.6)/(100)`= $224

Amount = $2224

For 4 year;

S.I =
`(2000*4*5.6)/(100)`= $448

Amount = $2448

For 8 year;

S.I =
`(2000*8*5.6)/(100)`= $896

Amount = $2896