Question

Edward deposited 9,000 into a savings account 2years ago tthe simple interest is 2% how much money did edward earn in intrest

Answer 1

We just need to use the simple interest formula:

`I=PV\cdot r\cdot t`

Where:

I = Interest

PV = Principal or initial investment = 9000

r = interest rate = 0.02

t = time = 2

`\begin{gathered} I=9000*0.02*2 \\ I=360 \end{gathered}`

$360