Joy invests 10,000 into an account at an annual rate of 0.35% simple interest for 24 months.
1) What is the Principal in this scenario?
0.35%
10,000
2
0.0035
2) What is the interest rate for this account?
0.35%
10,000
0.0035
2
3) What number do you use to represent the interest rate in the simple interest formula?
0.35%
0.0035
10,000
2
4) What is the length of time of this investment, in years?
2
10,000
0.35%
0.0035
5) Calculate the simple interest earned on this account.