Question

$70.00 at 5% for 2 years

Answer 1

$7

Explanation:

Hey there

to solve this kind of problem we use the formula:

`(p * t * r)/(100)`

if we solve it :

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 70 × 0.05 × 2 = 7

I = $ 7.00

The simple interest accumulated

on a principal of $ 70.00

at a rate of 5% per year

for 2 years is $ 7.00.