Edward deposited 9,000 into a savings account 2years ago tthe simple interest is 2% how much money did edward earn in intrest

Vicrion asked Sep 1, 2023

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Vicrion asked Sep 1, 2023

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19 votes

We just need to use the simple interest formula:

$I=PV\cdot r\cdot t$

Where:

I = Interest

PV = Principal or initial investment = 9000

r = interest rate = 0.02

t = time = 2

$\begin{gathered} I=9000*0.02*2 \\ I=360 \end{gathered}$

$360

Cherrylyn answered Sep 7, 2023

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