Question

Mr. Pharm put $1,550 into a savings account. The account pays 3.5% simple interest on an annual basis. If he does not add or withdraw money from the account, how much interest will he earn after 2 years?

Answer 1

Mr. Pharm will earn $108.50 in two years, having deposited $1,500 into an account earning 3.5% simple interest.

Explanation:

1550 * 3.5% * 2 = $108.50