Question

Melinda deposited $$5,985$in a bank account with an interest rate of $1.9\%$. How much interest was earned in$2$ years?

Short answer

The interest in two years is$\%227.43$

Step-by-step solution

Step 1. Given data

Interest rate per year$=2.9\%$

Total amount in the bank$=\$5985$

No of years$=2$

Step 2. Final answer

We know,

Simple interest formula is

$$\begin{gathered} I=Prt \\ I=5985\times 1.9\times 2 \\ I=227.43 \end{gathered}$$