Answer:
100.00
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 5%/100 = 0.05 per year.
Solving our equation:
A = 1000(1 + (0.05 × 2)) = 1100
A = $1,100.00
The total amount accrued, principal plus interest, from simple interest on a principal of $1,000.00 at a rate of 5% per year for 2 years is $1,100.00.
