SOLUTION: $ 2000 was deposited into an account that pays simple interest at a rate of 3% per year. how much interest will be paied in the first 2 years. please help me figure this out.
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Question 937162: $ 2000 was deposited into an account that pays simple interest at a rate of 3% per year. how much interest will be paied in the first 2 years. please help me figure this out.
thanks Answer by srinivas.g(540) (Show Source):
You can put this solution on YOUR website! amount deposited (P)= $ 2000
time (t)= 2 years
rate (r)= 3 %
Interest (I)=
(I) =
I = 20*2*3
I = 120
Hence Interest = $ 120
