Question

jordan's parents gave him 500$ for highschool graduation. He put the money into his savings account that earned 6% annual interest. How much interest did he earn after 2 years? (i=prt)​

Answer 1

He earn $60 after 2 years

Explanation:

Jordan's parents gave him amount for high school graduation = $500

Account interest = 6%

Time taken = 2 years

Formula : Simple interest =
`(P * T * R)/(100)`

Simple interest =
`(500 * 2 * 6)/(100)`

Simple interest =60

So, He earned amount after 2 years = Rs.60

Hence he earn $60 after 2 years