SOLUTION: Find the simple interest on a $1200 investment made for 2 years at an interest rate of 8%/year. What is the accumulated amount? (Round your answers to the nearest cent.) simp

Question 507618: Find the simple interest on a $1200 investment made for 2 years at an interest rate of 8%/year. What is the accumulated amount? (Round your answers to the nearest cent.)

simple interest $
accumulated amount $
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the simple interest on a $1200 investment made for 2 years at an interest rate of 8%/year. What is the accumulated amount? (Round your answers to the nearest cent.)
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A(t) = P(1+rt)
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A(2) = 1200(1 + 0.08*2)
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A(2) = 1200 + 2400*0.08
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A(2) = 1200 + 192

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simple interest $192
accumulated amount $1392
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Cheers,
Stan H.

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