Question

Vernon Taber depoited hi $2,000 cholarhip money in a aving account at State Home Saving Bank on June 1. At the end of 2 month, interet wa computed at an annual interet rate of 6 percent. How much imple interet did hi money earn?

Answer 1

20

Explanation:

The formula is I=Prt Interest = Principal x rate x time. The principal is 2,000 dollars, the rate is .06 because 6% is .06. The month is the tricky part, because it's not a full year, it's 2/12 2 months out of the 12. so that would be .16 repeated. So multiply all that together to get 20