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Laura deposits $2000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 6 years?

Laura deposits $2000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 6 years?
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laura deposits $2000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 6 years?

User PeterBelm
by
8.3k points

1 Answer

3 votes
She will be paid $2,240.

The equation to use for this is: A=P(1+rt)

More specifically:
A = 2000(1 + (0.02 × 6)) = 2240
A = $2,240.00
User Syedelec
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8.8k points
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