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Suppose a principal amount of $2079 was invested in a simple interests account that pays an annual rate of 2.31% then the amount of interests are and at the end of 14 years would be how much

Respuesta :

Answer:

The value of interest earned after 14 years = $ 672.34

The amount after 14 years = $ 2751.34

Step-by-step explanation:

Principal amount = $ 2079

Rate of interest = 2.31 %

Time = 14 year

Now simple interest is given by

[tex]SI = \frac{PRT}{100}[/tex]

Put all the values in above equation

[tex]SI = \frac{(2079)(2.31)(14)}{100}[/tex]

SI = $ 672.34

This is the value of interest earned after 14 years.

Amount After 14 years will be

A = 2079 + 672.34

A = $ 2751.34

This is the amount after 14 years.