The amount of simple interest, A, earned on a $600 investment after 1 1/2 years if the interest rate is 2% , is $618 and the equation is A = 600 + 600 * 0.02 * 1.5.
Simple interest is the interest calculated on the principal amount of a loan or the initial investment into a savings account.
The formula used to determine is (P*R*T)/100
It is given that Principal Investment = $600
Time = 3/2 years
Interest Rate = 2%
Amount A is given by
A = P+ (P*R*T)/100
A = 600 + 600 * 0.02 * 1.5
A = $618
The amount of simple interest, A, earned on a $600 investment after 1 1/2 years if the interest rate is 2% , is $618 .
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