Question

6:
Mr. Perkins has $120 in a savings account. The interest rate is 5% per year and is not compounded. How much will he have in 2 years?​

Answer 1

Answer:

Hey Mate!!

Simple Interest = $\frac{P \times R \times T}{100}$

→ $\frac{120 \times 5 \times 2}{100}$

→$\frac{1200}{100}$

→ $12

⇒ Amount = P + SI = 120 + 12 = $132