Suppose $ 1,250 is placed in a savings account over 2 years. Find the interest earned if the rate is 4.5%

Question

Suppose $ 1,250 is placed in a savings account over 2 years. Find the interest earned if the rate is 4.5%

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Thông Đạt 4 weeks 2021-08-18T03:32:38+00:00 1 Answers 0 views 0

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    2021-08-18T03:34:32+00:00

    Answer: $112.50

    Step-by-step explanation:

    The Simple interest will be calculated using:

    = Principal × Rate × Time

    = 1250 × 4.5% × 2

    = 1250 × 0.045 × 2

    = $112.50

    Therefore, the interest earned will be $112.50

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