If $200 is put in the bank and each year the account earns 5% simple interest, then how much interest will be earned in two years?

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26-02-2018
Mathematics

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If $200 is put in the bank and each year the account earns 5% simple interest, then how much interest will be earned in two years?

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jdoe0001 jdoe0001 · Answer 1 · 2018-02-26T21:04:10+01:00

jdoe0001 jdoe0001

26-02-2018

[tex]\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$200\\ r=rate\to 5\%\to \frac{5}{100}\to &0.05\\ t=years\to &2 \end{cases} \\\\\\ I=200(0.05)(2)[/tex]

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