Question

Marsha deposited $9,500 into a savings account 2 years ago. The simple interest rate is 2%. How

much money did Marsha earn in interest?
Substitute the values into the equation.
Interest=$years

Answer 1

$ 380

Explanation:

We can use the below formula to find the simple interest.

Simple interest = P r t ÷ 100

Here,

P ⇒ Principal ⇒ $ 9500

r ⇒ rate ⇒ 2%

t ⇒ time ⇒ 2 years

Let us solve it now.

Simple interest = P r t ÷ 100

Simple interest = 9500 × 2 × 2 ÷ 100

Simple interest = 38000 ÷ 100

Simple interest = $ 380

Answer 2

• $380

Explanation:

Given

• Deposit amount P = $9500
• Interest rate r = 2%
• Time t = 2 years

Use interest formula:

• I = Prt

Substitute given values and calculate:

• $9500*0.02*2 = $380