Question

How much interest is earned in 2 years on an investment of $2000 the interest rate is 3%?

Answer 1

Answer: $120

Explanation:

The answer is $120 because...

The formula for this problem is Money × Percentage × Time

So, 2000 × 3% = 60

60 × 2 = 120

I had a test with this question and got a 100, proving that $120 is correct.

Answer 2

2000/100 = 20 x 3 = 60 + 2000 = 2060/100 = 20.60 x 3 = 61.80 + 2060 = 2121.8

the interest earned in 2 years is $121.80