Edward deposited $7,500 into a savings account 2 years ago. The simple interest rate is 2%. How much money did Edward earn in interest? What would be his new account balance?

The interest is $300 and the amount is $7800

Step-by-step explanation:

Given

P = $7,500

i = 2% = 0.02

t = 2 years

Using the formula

I = P × i × t

I = 7,500 × 0.02 × 2

I =  $300

Thus, Edward earned an interest =  $300

The amount in his new account bank can be calculated using the formula:

A = P + I

Since P = $7,500  and I = $300

A = P + I

  = 7,500 + 300

  = $7800

Thus, the new amount in his bank account = A = $7800

Therefore,

d

step-by-step explanation:

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