Solve the problem.
-Find the total amount in an account if $\$ 300$ is invested at $11 \%$ simple interest for 2 years.
A) $\$ 354.55$
B) $\$ 66.00$
C) $\$ 366.00$
D) $\$ 333.00$

Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount (\$300), $r$ is the annual interest rate (11% or 0.11), and $t$ is the time in years (2). So, $I = 300 \times 0.11 \times 2 = \$66$. The total amount in the account is the sum of the principal and the interest: \$300 + \$66 = \$366.

Solve the Problem $300\$ 300$300 Is Invested At 11%11 \%11% Simple Interest for 2 Years

Solve the Problem $\$ 300$ Is Invested At $11 \%$ Simple Interest for 2 Years