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Josie has $100 in a savings account with a 2% interest rate. Using the formula for simple interest, how much will she earn in interest after 7 years?

Sagot :

abiolataiwo2015

Based on the information given the amount she will earn in interest after 7 years is $14.

We would be using Simple interest formula to determine the interest earn.

Using this formula

Simple interest=Principal×Interest rate×Time

Where:

Principal=$100

Interest rate=2%

Time=7 years

Let plug in the formula

Simple interest=$100×2%×7

Simple interest=$14

Inconclusion the amount she will earn in interest after 7 years is $14.

Learn more about simple interest here: https://brainly.com/question/2294792

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