CAN ANYONE HELP ME? :)
1 answer:
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Answer:
Interest Manny earns after 2 years is $52
Step-by-step explanation:
Amount deposited = $650
Simple annual interest rate = 4%
To find: Interest after 2 years
We know that the formula to calculate the interest amount is
Simple interest (S.I.) =
where,
P is the initial amount deposited
r is the rate of simple interest in percentage
t is the time in years for which interest is to be calculated
Substituting the known values in the formula, we get
S.I =
= 52
Hence the interest Manny earns after 2 years is $52