Question

Principal, $3000; annual interest rate, 5.1%; time, 2 years The balance after to years is

Answer 1

now, this is assuming "simple interest".

`\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$3000\\ r=rate\to 5.1\%\to (5.1)/(100)\dotfill &0.051\\ t=years\dotfill &2 \end{cases} \\\\\\ A=3000[1+(0.051)(2)]\implies A=3000(1.102)\implies A=3306`

Answer 2

First you have to know the formula for this question which is I = PRT. plug it in I= 3000 times 0.051 times 2 which gets the answer to youre question which is $306.