If I was to deposit $1,750 into an investment account that will produce 6.5% annual interest the money was left in the account for 2 years how much interest occurred after 2 years

Answer 1

i = prt

i = (1750)(0.065)(2)

Can you calculate and answer?

Answer 2

Hi Pamela J

If I was to deposit $1,750 into an investment account that will produce 6.5% annual interest the money was left in the account for 2 years how much interest occurred after 2 years.

This is a simple interest problem. The formula is Interest=Principal (rate)(time) or I=PRT

Principal: $1,750

Rate: 6.5% or .065 written as a decimal

Time: 2 (in years)

I=1,750(.065)(2)

I = 227.5

The interest accrued after 2 years is $227.50.

Hope this helps you.

Ms. S