Question

Assume that all interest is simple interest.Ed Bland had savings of $560 invested at 55 % for 2 years. Find the interest.$The interest earned on Ed Bland's savings was $xХ5

Answer 1

Given:

Ed bland had a saving of $560 invested at 26/5 % for 2 years.

To find:

Find the interest.

Explanation:

Simple interest

$=P(1+rt)$

Where, p is initial amount

r is rate per year.

t time

Solution:

We will find interest as:

$\begin{gathered} =P(1+rt) \\ =560(1+0.052\times2) \\ =618.24 \end{gathered}$

Hence, this is the required interest.