What is 14,700 at 8% for 2 years?

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Answer 1 · 2017-01-03T12:50:16

Simple interest $" "->17052.00$
Compound interest $->17146.08$

$color(brown)("Note that interest type not stated")$

$color(blue)("Condition 1 - Simple interest")$

$8% -> 8/100$ so we have $8/100xx14700 = 1176$ interest for 1 years

So for 2 years we have: $2xx1176 = 2352$ interest for 2 years

$color(green)(14700+2352 =17052.00)$
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

$color(blue)("Condition 2 - Compound interest")$

$color(green)(14700(1+8/100)^2 = 17146.08)$