Amoursadaria Amoursadaria

02-11-2020
Mathematics

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A $600 deposit for 30 years at a simple interest rate of 2%

A 600 deposit for 30 years at a simple interest rate of 2 class=

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isabelaxchave isabelaxchave

02-11-2020

Answer: Interest rate is $360.00

Step-by-step explanation:

Equation:

I = Prt

P= $600.00

R= 2%

T= 30

I = 600 × 0.02 × 30 = 360

I = $ 360.00

The simple interest accumulated

on a principal of $ 600.00

at a rate of 2% per year

for 30 years is $ 360.00.

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