Find the balance in the account ... $2,400 principal earning 2%, compounded annually, after 7 years

A = $ 2,736.00

Equation:

A = P (1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year,

then, solving our equation

A = 2400 (1 + (0.02 * 7)) = 2736

A = $ 2,736.00

The total amount accrued, principal plus interest,

from simple interest on a principal of $ 2,400.00

at a rate of 2% per year

for 7 years is $ 2,736.00.