Question

what is the intrest on $1000 invested for 3 years in an account that earns simple intrest at an annual rate of 2%

Answer 1

$60 in interest:

For simple interest, remember "I = p • r • t"

I = Interest
P = Principal (amount put in)
R = Rate of Interest
T = Time

So, I = 1000 • 0.02 • 3

Hope this helped!