you have a $10000 to deposit in a savings account that earns simple interest at a rate of 4.5% per year. How much interest will be in the account after 2 years.

Question

Please help me this assignment is due today and I don't know how to do this problem.

 

Answer 1

I = prt      interest = principal X rate X time

I = 1000(.045)(2)

I = $90