Question

question 21 of 25 kunio puts $2,200.00 into savings bonds that pay a simple interest rate of 2.4%. how much money will the bonds be worth at the end of 4 years? $2,387.25 $2,411.20 $4,734.40 $211.20

Explanation:

Step1: Recall simple interest formula

The formula for simple interest is $I = P \times r \times t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal), and $t$ is the time in years. The total amount $A$ is $A = P + I$.

Step2: Convert rate to decimal

The interest rate is $2.4\%$, so in decimal form, $r = \frac{2.4}{100} = 0.024$.

Step3: Calculate interest

Given $P = 2200$, $r = 0.024$, and $t = 4$. Substitute into the interest formula: $I = 2200 \times 0.024 \times 4$.
First, calculate $2200 \times 0.024 = 52.8$, then $52.8 \times 4 = 211.2$. So the interest $I = 211.2$.

Step4: Calculate total amount

The total amount $A = P + I = 2200 + 211.2 = 2411.2$.

Answer:

B. $2,411.20$