An account earns simple interest $600 at 5% for 2 years find the interest earned
1 answer:
Answer:
so your answer would be 60$
Step-by-step explanation:
I = P * r * t
Here, P = $600
r = 0.05 (decimal value for 5%)
t = 2 years
Part a)
The interest earned will be:
I = P * r * t
I = 600 * 0.05 * 2
I = $60
Part b)
The balance in the account will be $600 plus the interest earned or:
$600 + 60 = $660
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