$450 at 7% for 2 years. =$_____
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Answer:
the simple interest is 63 , and total amount after 2 years is 513.
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$450 at 7% for 2 years. = $ 513.
Given:
$450 at 7% for 2 years
To find:
The total amount at end of the 2 years
Solution:
Formula used:
Simple interest, I = PTR/100
Amount, A = P + Interest
Where,
P = Principal amount
T = Time period
R = Rate of interest
From the given data,
Principal amount, P = $ 450
Time period, T = 2 year
Rate of interest, R = 7%
By the given formula,
Simple interest, I = (450)(2)(7)/100 = 63
Total amount, A = $ 450 + $ 63 = $ 513
Therefore,
$450 at 7% for 2 years. = $ 513.
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