Question

Ed Bland Hey savings of $572 invested at 2% for two years find the interest

Answer 1

We are given

Rate (r) = 2% = 0.02

Time (t) = 2 years

Principal (p) = $572

Note: Simple Interest Formula

`\begin{gathered} Simple\text{ }Interest=(PRT)/(100) \\ \\ Simple\text{ }Interest=(572*2*2)/(100) \\ \\ Simple\text{ }Interest=22.88 \end{gathered}`

The interest on Ed Bland savings is $22.88