SOLUTION: Topic: Financial Mathematics Is it B? I want to check my answer How much would be earned on a $425 deposit earning 3% simple interest for 2 years? A. $12.75 B. $25.50

Question 1179872: Topic: Financial Mathematics
Is it B? I want to check my answer
How much would be earned on a $425 deposit earning 3% simple interest for 2 years?
A. $12.75
B. $25.50
C.$25.88
D. $38.25

The answer is provided in the link here: https://i.imgur.com/pciAD8c.png
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
simple interest formula is:

i = p * r * t

i = interest
p = prncpal
r = interest rate per time period
t = number of time periods

in your problem, you get:

i = 425 * .03 * 2 = 25.5

your answer is good.

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