Answer:
$120 in interest
Step-by-step explanation:
The formula for finding how much interest you get over time is this :
Principal × Rate × Time = Interest you get at the end
Principal is how much you start out with, so in this case that's $1,000.
Rate is the percent annual interest, which in this case is 6%.
Last, time, time in this case is 2 years.
I = (1000)(0.06)(2) = 120
I will get $120 in interest.
