Final answer:
Charis received $8.40 in simple interest at the end of two years by using the formula Interest = Principal × Rate × Time, with an initial investment of $140 at a 3% annual rate.
Step-by-step explanation:
To calculate the simple interest Charis received after two years, we use the simple interest formula, which is Interest = Principal × Rate × Time.
In this scenario, the principal is $140, the annual interest rate is 3%, and the time is 2 years.
Step 1: Convert the rate from a percentage to a decimal by dividing by 100, which is 0.03.
Step 2: Apply the simple interest formula:
Interest = $140 × 0.03 × 2 = $8.40.
Therefore, Charis received $8.40 in interest at the end of two years.