Question

What is the balance of an investment after 2 years if the starting amount was 543300
with simple interest of 4 8%?

Answer 1

Answer:

Step-by-step explanation:

Since it is simple interest, you have to use the formula I = Prt.

(I is interest, P is principal (the starting amount), and r is the & rate as a decimal.

So, the interest would be

I = 543,300 (0.048) (2) = $52,156.80

The balance is the total amount.  The balance would be the starting amount plus the interest.

Balance = 543,300 + 52,156.80 = $595,456.80