Question

Chris invested 150 dollars he earned a simple interest of 5% a year. How much interest did chris recieve in 2 years

Answer 1

$15

Explanation:

Given data

Principal= $150

Rate= 5%

Time= 2 years

The simple interest expression is given as

A=P(1+rt)

substitute

A= 150(1+0.05*2)

A= 150(1+0.1)

A= 150*1.1

A= $165

Hence the amount received in interest is

=165-150

=$15