Calculate the amount of interest you'll have at the end of the indicated period.
-You invest $10,000 in an account that pays simple interest of 2% for 14 years.

Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount, $r$ is the annual interest rate, and $t$ is the time in years. For a $10,000 investment at 2% interest for 14 years, the interest is $10,000 \times 0.02 \times 14 = $2,800.00$.

Calculate the Amount of Interest You'll Have at the End