Question

Calculate the simple interest earned on an investment of $9850 at 2% per year for 10 years.

Give the answer to the nearest cent
Interest=

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$9850\\ r=rate\to 2\%\to (2)/(100)\dotfill &0.02\\ t=years\dotfill &10 \end{cases} \\\\\\ I = (9850)(0.02)(10) \implies I = 1970`