Answer:
Step-by-step explanation:
Since it is simple interest, you have to use the formula I = Prt.
(I is interest, P is principal (the starting amount), and r is the & rate as a decimal.
So, the interest would be
I = 543,300 (0.048) (2) = $52,156.80
The balance is the total amount. The balance would be the starting amount plus the interest.
Balance = 543,300 + 52,156.80 = $595,456.80
