Given:
P=$100, r =11 % and t=2 years.
Required:
We need to find simple interest.
Explanation:
[tex]r=11\text{ \%=}\frac{11}{100}=0.11[/tex]
Consider the simple interest formula.
[tex]I=Prt[/tex]
Substitute P=100, r =0.11, and t =2 in the formula.
[tex]I=100\times0.11\times2[/tex][tex]I=\text{ \$}22[/tex]
Final answer:
[tex]I=\text{ \$}22[/tex]
