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20 January, 10:16

Monica has $600 in her savings account. She earns 3% simple interest. She keeps her money in the account for 2 years. At the end of the 2 years, how much money will she have in the account

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  1. 20 January, 10:18
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    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    P represents the principal

    R represents interest rate

    T represents time in years

    I = interest after t years

    From the information given

    T = 2 years

    P = $600

    R = 3%

    Therefore

    I = (600 * 3 * 2) / 100

    I = 3600/100

    I = $36

    She keeps her money in the account for 2 years. It means that at the end if 2 years, the money in her account would be

    600 + 36 = $636
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