To calculate the simple interest earned on a $3,500 investment at a 9% annual interest rate over 2 years, we can use the formula:
simple interest = principal * rate * time
Where:
Principal = $3,500
Rate = 9% = 0.09 (as a decimal)
Time = 2 years
Substituting these values into the formula, we get:
simple interest = $3,500 * 0.09 * 2
simple interest = $630
Therefore, the investment earns $630 in simple interest over 2 years at a 9% annual interest rate.