Explanation:
To calculate the interest earned, we can use the formula:
Interest = Principal x Rate x Time
where Principal is the amount invested, Rate is the interest rate, and Time is the time period in years.
In this case, the Principal is $2000, the Rate is 3%, and the Time is 2 years.
So,
Interest = $2000 x 0.03 x 2 = $120
Therefore, the interest earned is $120.
To find the total value of the account after 2 years, we can add the interest earned to the principal:
Total value = Principal + Interest = $2000 + $120 = $2120
Therefore, the total value of the account after 2 years is $2120.