Answer:
The amount of interest earned at the end of 14 years would be $672.3486
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
[tex]E = P*I*t[/tex]
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this problem, we have that:
[tex]P = 2079, I = 0.0231, t = 14[/tex]
So
[tex]E = 2079*0.0231*14 = 672.3486[/tex]
The amount of interest earned at the end of 14 years would be $672.3486
