An account earns simple interest. Find the annual interest rate. Interest = $60 principle = $500 time = 2 years Please help!!
1 answer:
Answer:
A = $560.00
Step-by-step explanation:
I = A - P = $60.00
Formula:
First, converting R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year.
Solving our equation:
A = 500(1 + (0.06 × 2)) = 560
A = $560.00
The total amount accrued on a principal of $500.00 at a rate of 6% per year for 2 years is $560.00.
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