Help me solve this please

"Simple interest" means the interest goes into a separate bucket, and it just waits there for you to come and get it. It doesn't get added to the amount in the account, so next year, you don't get interest on the interest.
4 percent of $2000 is (0.04 x 2000) = $80 .
That's how much interest you get each year.
At the end of 4 years, you have (4 x $80) = $320 in the interest bucket. (And of course, you still have the original $2000 in the account.)

Answered by AL2006 | 2024-06-10

2339.71712 is the whole amount but rounding up to the nearest hundred its 2339.72 for 4years. 339.72 is the answer you was looking for.

Answered by Wellmeier | 2024-06-10

Simple interest is calculated using the formula: Simple Interest = Principal × Rate × Time. To find the total amount, add the simple interest earned to the principal. This concept is crucial for understanding personal finance and savings growth over time.
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Answered by AL2006 | 2024-12-24