Answer:
$24.20
amount invested = $356
Interest = $44
Step-by-step explanation:
Samia receives a total amount of 400$ for 2 years at 6% per year compound interest, give your answer in 2 decimal places
Simples interest = amount invested x time x interest rate
400 x 0.065 x 1 = $24.20
b. interest = amount received - amount invested
Amount invested = amount received / (1 + r)^n
r = interest rate
n = number of years
400 / (1.06)^2 = 356
Interest = 400 - 356 = $44
