Question

9. Find the interest earned in an account with $600 invested at 4.5% annual simple interest for 2
years.
$540:00
$5,400.00
O$54.00
O$13.50

Answer 1

Answer:

$54.00

Step-by-step explanation:

Simple Interest Formula

I = Prt

where:

• I = Interest earned.
• P = Principal invested.
• r = Annual interest rate (in decimal form).
• t = Time (in years).

Given values:

• P = $600
• r = 4.5% = 0.045
• t = 2 years

Substitute the given values into the formula and solve for I:

$\implies \sf I=600 \times 0.045 \times 2$

$\implies \sf I=27 \times 2$

$\implies \sf I=54$

Therefore, the total interest earned was $54.00.

Answer 2

GiveN:-

• Principal = $600
• Rate = 4.5% = 0.045
• Time = 2 years

To FinD:-

• Interest = ??

SolutioN:-

$\\ \diamond{\underline{\underline{\sf {\color{red}{\;Calculating \; Interest \; :-}}}}}$

$\\ \qquad{\underline{\boxed {\bf{ Interest (I)= \: P \times R \times T}}} }\red\bigstar$

$\\ \sf \implies \: Interest (I)= \: P \times R \times T$

$\\ \sf \implies \: Interest (I)= \: 600 \times 0.045 \times 2$

$\\ \sf \implies \: Interest (I)= \: 600 \times 0.09$

$\\ \sf \implies \: Interest (I)= \: 54$

$\\{\implies{\red {\underline {\boxed{ \sf { Interest (I)= \: 54}}}}}}\purple\bigstar$

$\qquad{ \underline{\rule{120pt}{2pt}}}$

Therefore Option C {54.00} is correct.. ✓✓