Question

Chloe deposits $2,000 in a money market account. The bank offers a simple interest rate of 1.2%. How much internet she earn in 10 years?

Answer 1

Given data:

deposits = $2,000

simple interest rate =1.2%

time =10 years

The formula to find the amount is,

`A=\frac{\text{p}\cdot\text{n}\cdot\text{r}}{100}`
`\begin{gathered} A=(2000\cdot10\cdot1.2)/(100) \\ A=(24000)/(100) \\ A=\text{ 240} \end{gathered}`The intrest she earn in 10 years is $240.