SOLUTION: calculate the simplest interest earned on a 2 year investment of $1,550 at a 8 3/4% annual interest rate.
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Question 996290: calculate the simplest interest earned on a 2 year investment of $1,550 at a 8 3/4% annual interest rate.
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Simple interest I is found by
I = prt (principal times rate times time) so that
I = ($1550)(.0875)(2) = $271.25
if not compounded after the first year.
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