Answer:
592 Dollars = after starting from 400 dollars at a annual interest rate compounded at 24%.
Step-by-step explanation:
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 24%/100 = 0.24 per year.
Solving our equation:
A = 400(1 + (0.24 × 2)) = 592
A = $592.00
The total amount accrued, principal plus interest, from simple interest on a principal of $400.00 at a rate of 24% per year for 2 years is $592.00.
