A $600 deposit for 30 years at a simple interest rate of 2%

Question

asked Oct 16, 2021 119k views

1 Answer

Sean Patrick Floyd · Answer 1 · 2021-10-21T16:08:31+0000

Answer: Interest rate is $360.00

Explanation:

Equation:

I = Prt

P= $600.00

R= 2%

T= 30

I = 600 × 0.02 × 30 = 360

I = $ 360.00

The simple interest accumulated

on a principal of $ 600.00

at a rate of 2% per year

for 30 years is $ 360.00.