SOLUTION: how would I show my work on this problem ? What is the interest earned on $24,000 at 8 1/2 for 2 years ?

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Question 1008124: how would I show my work on this problem ?
What is the interest earned on $24,000 at 8 1/2 for 2 years ?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
What is the interest earned on $24,000 at 8 1/2% for 2 years ?
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Simple Interest::
I = P*r*t
I = 24000*0.085*2 = $4080
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Compound Interest::
I(t) = P(1 + (r/n))^(n^t) - P
I(2) = 24000(1+(0.085/1))^(1*2) - 24000
I(2) = 24000(1.085)^2-1) = 24000(0.17723) = $4253
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Cheers,
Stan H.
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