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

Jan 3, 2017

Simple interest $\text{ } \to 17052.00$
Compound interest $\to 17146.08$

#### Explanation:

$\textcolor{b r o w n}{\text{Note that interest type not stated}}$

$\textcolor{b l u e}{\text{Condition 1 - Simple interest}}$

8% -> 8/100 so we have $\frac{8}{100} \times 14700 = 1176$ interest for 1 years

So for 2 years we have: $2 \times 1176 = 2352$ interest for 2 years

$\textcolor{g r e e n}{14700 + 2352 = 17052.00}$
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

$\textcolor{b l u e}{\text{Condition 2 - Compound interest}}$

$\textcolor{g r e e n}{14700 {\left(1 + \frac{8}{100}\right)}^{2} = 17146.08}$