Chloe deposits 2000 into her money market account the bank offers simple interest rate of 1.2%. How much interest will she earn in 10 years
To calculate the interest earned, we can use the formula:
Interest = Principal × Rate × Time
Here, the principal (P) is $2000, the rate (R) is 1.2% (expressed as a decimal, 0.012), and the time (T) is 10 years.
Interest = $2000 × 0.012 × 10 = $<<2000*0.012*10=240>>240
Therefore, Chloe will earn $240 in interest over 10 years.