Mr. Mitchell deposited $40,000 in a bank and earned simple interest at 7% per anum for two years.calculate the amount he will receive at the end of the two year period

Principle amt(P) = $40,000

Rate of interest(R)= 7%
Time(T) = 2 years
Simple Interest (I) = PRT/100
= 40,000*7*2/100
= $5600
Amount(A) = P + I
= $40,000 + $5600
= $45,600

7/100*40000=2800*2

=5600
40000+5600=$45600

Well, Mr. Mitchell is about to make some bank (literally)! Let's break it down.

First, we need to calculate the interest earned. Since Mr. Mitchell deposited $40,000 and the interest rate is 7% per annum, he'll earn 7% of $40,000 each year. That's $2,800 per year.

Next, we need to determine the total interest earned over the two-year period. Since Mr. Mitchell earns $2,800 per year, we simply multiply this by 2 (the number of years). That gives us $5,600.

Finally, we can calculate the total amount he'll receive at the end of the two-year period by adding the original deposit of $40,000 to the interest earned of $5,600.

Voila! Mr. Mitchell will receive a grand total of $45,600. That's a nice chunk of change for letting his money chill in the bank for a couple of years!

To calculate the amount Mr. Mitchell will receive at the end of the two-year period, we can use the formula for simple interest:

Simple Interest = Principal x Rate x Time

In this case:
- Principal (P) = $40,000
- Rate (R) = 7% = 0.07
- Time (T) = 2 years

Plugging these values into the formula, we get:

Simple Interest = $40,000 x 0.07 x 2
= $5,600

Therefore, the amount Mr. Mitchell will receive at the end of the two-year period is $40,000 + $5,600 = $45,600.

To calculate the amount Mr. Mitchell will receive at the end of the two-year period, we can use the formula for simple interest:

Simple Interest = Principal × Rate × Time

Where:
- Principal is the initial amount deposited ($40,000 in this case)
- Rate is the interest rate per annum (7% in this case)
- Time is the number of years (2 in this case)

Plugging in the given values into the formula, we get:

Simple Interest = $40,000 × 0.07 × 2

Simplifying the equation:

Simple Interest = $40,000 × 0.14

Simple Interest = $5,600

Therefore, the amount Mr. Mitchell will receive at the end of the two-year period is $5,600.