Question

At the end of each year, how much money would you earn in interest if you invested $200 and earned 5.5% simple interest?

Answer 1

$\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \ 200\\ r=rate\to 5\%\to \frac{5}{100}\to &0.055\\ t=years\to &1 \end{cases} \\\\\\ I=200\cdot 0.055\cdot 1$