Mark deposited $2000 in his savings account. The account earns an annual interest rate of 4%. How much interest will Mark earn after his money has been in the account for one year?
To calculate the interest Mark will earn after one year, we can use the formula for simple interest:
Interest = Principal x Rate x Time
Where:
Principal = $2000
Rate = 4% or 0.04
Time = 1 year
Plugging in the values:
Interest = $2000 x 0.04 x 1
Interest = $80
Therefore, Mark will earn $80 in interest after his money has been in the savings account for one year.