Step-by-step explanation:
Answer:
I = $ 120.00
Equation:
I = Prt
Calculation:
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year,
then, solving our equation
I = 2000 × 0.03 × 2 = 120
I = $ 120.00
The simple interest accumulated
on a principal of $ 2,000.00
at a rate of 3% per year
for 2 years is $ 120.00.
