The total interest that amanda will earn is $24 and the total amount in the account including the interest is $324
Given that,
With $300, Amanda starts a savings account that pays basic interest at a 2% yearly rate. She plans to save for four years.
Total interest = PRT/100 where,
P is Investment amount = $ 300
R is Rate of interest = 2
T is Time in years = 4
Simple Interest = PRT/100 = (300 × 2 × 4 )/100 = 24
Therefore, Amanda will earn $24 total simple interest.
Total Amount = Principal + SI =300 + 24 =324
Therefore, The total amount in the account will be $324
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