Given:
Ed bland had a saving of $560 invested at 26/5 % for 2 years.
To find:
Find the interest.
Explanation:
Simple interest
[tex]=P(1+rt)[/tex]Where, p is initial amount
r is rate per year.
t time
Solution:
We will find interest as:
[tex]\begin{gathered} =P(1+rt) \\ =560(1+0.052\times2) \\ =618.24 \end{gathered}[/tex]Hence, this is the required interest.
