Question

The formula I = prt, where p stands for principal, r represents rate, and t represents time in years. Example: If you put $100 (p) in an savings account with a 2% interest rate (r) for 1 year(t), this is the formula you would use to see how much money you would make.?

Answer 1

Answer: $2

Step-by-step explanation:

The formula for simple interest = I = prt

I =$ 100 × 0.02 × 1 = $2

At the end of one year, $2 would be made.