2. $1,400 is invested at 4% per annum how long will it take to for the amount to reach $1,624?
We can use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Here, we know that the principal (P) = $1,400, the rate (R) = 4%, and the amount (A) = $1,624.
We need to find the time (T) in years.
We can start by rearranging the formula to solve for time:
Time = (Simple Interest * 100) / (Principal * Rate)
We know that the simple interest is the difference between the amount and the principal:
Simple Interest = Amount - Principal = $1,624 - $1,400 = $224
Plugging in the values we get:
Time = (224 * 100) / (1400 * 4)
Time = 5
Therefore, it will take 5 years for the amount to reach $1,624 at 4% per annum.