Answer:
The simple interest was earned is $116
Yes; the answer is $116
Step-by-step explanation:
- The rule of the simple interest is:
→ I = P r t, where I is the interest, P is the money invested, r is the rate
of interest in decimal, and t is the time of investment
- Casey deposited $1,450 in a bank account with an interest rate of 4%
- We need to find the amount of interest Casey earned in two years
- The interest is simple
∵ P = $1450
∵ r = 4% = 4/100 = 0.04
∵ t = 2 years
∵ The interest is simple
∴ I = Prt
- Substitute the values of P , r , t in the rule
∴ I = 1450 × 0.04 × 2 = 116
∴ The simple interest was earned is $116
* Yes; the answer is $116
