aidanburke322 aidanburke322

20-04-2021
Mathematics

contestada

You deposit $200 in a savings account. The account earns 6% simple interest per year.
A. What is the interest earned after 2 years.
B. What is the balance after 2 years.

Respuesta :

Kadiearmstrong15 Kadiearmstrong15

20-04-2021

200 x 1.06^2
=224.72

Answer Link

20-04-2021

Answer:

A. $24

B. $224

Step-by-step explanation:

For simple interest, the formula is I = PRT where I = interest earned, P = principal amount borrowed/deposited, R = rate as a decimal, and T = time in years.

I = (200)(0.06)(2)

I = 24

Then add that to the amount deposited ($200) and you're done.

200 + 24 = $224

Please let me know if you have questions.

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