A = $ 2,736.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 2%/100 = 0.02 per year,
then, solving our equation
A = 2400(1 + (0.02 × 7)) = 2736
A = $ 2,736.00
The total amount accrued, principal plus interest,
from simple interest on a principal of $ 2,400.00
at a rate of 2% per year
for 7 years is $ 2,736.00.
