The formula for the simple interest is as follows
[tex]A=P(1+rt)[/tex]
Thus, substitute the values of the following
[tex]\begin{gathered} P=550 \\ r=0.14 \\ t=2 \end{gathered}[/tex]
where P is the principal amount, r is the interest rate in decimals, and t is the time in years.
[tex]A=550\lbrack1+0.14(2)\rbrack[/tex]
Multiply 0.14 and 2.
[tex]A=550(1+0.28)[/tex]
Add 1 and 0.28.
[tex]A=550(1.28)[/tex]
Multiply.
[tex]A=704[/tex]
Thus, it'll amount to $704 in 2 years.
