If you put $600 into a savings account that pays simple interest of 10% per year and then withdraw the money two years later,you will earn interest of $126.

Question

Quizplus · Accepted Answer

Using the formula for simple interest, we have:

Interest = Principal x Rate x Time

In this case, let's assume the principal is $600, the rate is 10%, and the time is 2 years. Plugging in these values, we get:

Interest = $600 x 0.1 x 2
Interest = $120

This means that the interest earned would be $120, not $126. Therefore, the statement is false and the answer is B.

If You Put $600 into a Savings Account That Pays