Question

An account earns simple interest.

$925 at 2% for 2.4 years
a. Find the interest earned.

$

b. Find the balance of the account.

$

Answer 1

To find the interest the formula is
I=prt
I interest earned?
P principle 925
R interest rate 0.02
T time 2.4 years
I=925×0.02×2.4
I=44.4

To find the balance you just add the interest earned to the principle
44.4+925=969.4

Answer 2

interest = 925 x 0.02*2.4 = 44.40

balance = 925 + 44.40 =969.40