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PtichkaEL [24]
1 year ago
13

Ms. drake invests $1000 at a simple interest rate of 8.5% for 2 years. how much interest will she earn in this time?

Mathematics
1 answer:
PilotLPTM [1.2K]1 year ago
7 0

Ms. Drake will earn \$ 170 in this time from the investment of \$ 1000 at a simple interest with rate of interest 8.5\%

<h3>What is the definition of simple interest?</h3>

Simple interest is a way to figure out how much interest will be charged on a sum of money at a specific rate and for a specific duration of time. Conversely, for compound interest, where we add the interest of one year's principal to the next year's principal to compute interest, the principal amount under simple interest remains constant.

Formula for finding simple interest is \frac{principal \times rate \ of \ interest \times time}{100}

Given principal of Ms. Drake is \$1000

Rate of interest is 8.5 \%

Time is 2 years.

Interest =\frac{1000 \times 8.5 \times 2}{100}

            =\frac{17000}{100}\\=170

Therefore, Ms. Drake will earn \$ 170 in this time.

To learn more about simple interest from the given link

brainly.com/question/7639734

#SPJ4

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