Answer to Question #226541 in Financial Math for dasha

Question

Calculate the simple interest earned on an investment of $1180 at 2% p.a. for 9 years. Give your answer to the nearest cent.

Answer 1

$I=p×r×t$

Where

I=interest

P=principal

R=rate

t=time in years

$=1180×\frac{2}{100}×9\\=212.4\\=\$212$