Final answer:
To calculate the simple interest earned over a period of time, use the formula: Interest = Principal x Rate x Time. Joy earns $6,000 in interest over the 30-year period.
Step-by-step explanation:
To calculate the simple interest earned over a period of time, we can use the formula:
Interest = Principal × Rate × Time
Given that Joy invests $10,000 at 2% simple interest for 30 years, we can substitute the values into the formula:
Interest = $10,000 × 0.02 × 30
Simplifying the calculation:
Interest = $6,000
Therefore, Joy earns a total of $6,000 in interest over the 30-year period.