Answer:
To find the simple interest on a principal of $600 at a rate of 2% for a time period of 2 years, we can use the formula:
Simple Interest = (Principal * Rate * Time)
where Rate is the annual interest rate as a decimal, and Time is the time period in years.
In this case, we have:
Principal = $600
Rate = 0.02 (2% expressed as a decimal)
Time = 2 years
So, the formula becomes:
Simple Interest = ($600 * 0.02 * 2)
= $24
Therefore, the simple interest on a principal of $600 at a rate of 2% for 2 years is $24.