kelly deposited $2,500 into a savings account with a 21% simple interest rate. after 2 years how much…
kelly deposited $2,500 into a savings account with a 21% simple interest rate. after 2 years how much interest did kelly earn? $? hint: i = prt
Answer
Explanation:
Step1: Identify the values
$P = 2500$, $R=0.21$, $T = 2$
Step2: Apply the simple - interest formula
$I=PRT=2500\times0.21\times2$ $I = 2500\times0.42$ $I = 1050$
Answer:
$1050$