Mia invests $4000 for 2 years and 3 months at 5% p.a. simple interest. What is the total value of the investment at the end of this period?
The interest on this is given by
I = Prt
Here P = $4000 r = 5% = .05 and t = 2 years 3 months = 2.25 years
So we have
I = 4000(.05)(2.25) = $450
So the total value is $4000 + $450 = $4450