Answer:
[tex]\$2,976[/tex]
Step-by-step explanation:
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final amount owed
P is the amount of money borrowed
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=4\ years\\ P=\$2,400\\r=6\%=6/100=0.06[/tex]
substitute in the formula above
[tex]A=2,400(1+0.06*4)[/tex]
[tex]A=2,400(1.24)[/tex]
[tex]A=\$2,976[/tex]
