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Investment of $2,000 at 10% simple interest for 3 years

User Jokka
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To calculate the simple interest, we can use the formula:

Simple Interest = (P × r × t) / 100

Where:
P = Principal amount
r = Rate of interest per year
t = Time period in years

Given,
P = $2,000
r = 10%
t = 3 years

Substituting the values in the formula, we get:

Simple Interest = (2,000 × 10 × 3) / 100
Simple Interest = $600

Therefore, the simple interest earned on the investment of $2,000 at 10% for 3 years is $600. The total amount at the end of 3 years would be $2,600 (principal + simple interest).
User Jaredg
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