Problema Solution
The simple interest earned after investing an amount of money, called principal, is equal to the product of the principal, the interest rate, and the time in years that the money remains invested. use the formula to calculate the interest for the following investment: Principle : $2000
Rate : 0.03
Time: 2 years
round the answer to the nearest whole number
Answer provided by our tutors
Interest is usally calculated as A = P(r)^n where A represnts interest, P represnets the principle amount, r represents the rate, and n represents the number of years.
If you want me to just use the product of the 3, let me know and i'll do that too but I don't think it's right
So here you have:
A = 2000(.03)^2
A = 2000(.0009)
A = 1.8
Therefore, $1.80 is earned after 2 years. Again if this is not what you were looking for, message me :)