Alewuya invests 14000 at 2 simple interest for 7 year How mu

Alewuya invests $14,000 at 2% simple interest for 7 year. How much is in the account at the end of the 7 years period?

Solution

principal, p = 14000

rate of interest, r = 0.02

time, t = 7

Simple interest = p * r * t

                        = 14000 * 0.02 * 7

                        = 1960

So, total amount = 14000 + 1960 = $15960 (ans)

The account at the end of the 7 years period is $15960