Mr. Pharm put $1,550 into a savings account. The account pays 3.5% simple interest on an annual basis. If he does not add or withdraw money from the account, how much interest will he earn after 2 years?

Mr. Pharm will earn $108.50 in two years, having deposited $1,500 into an account earning 3.5% simple interest.

Step-by-step explanation:

1550 * 3.5% * 2 = $108.50

step-by-step explanation:

there are 36 inches in a yard

25 : 36 = 0.69 yards (you can round to 0.70)

this is the formula: v = the value of investment at the end of the time period

p = the principal amount (the initial amount invested)

r = the annual interest rate

n = the annual frequency of compounding (how many times a year interest is added)

t = the number of years the money is invested

^ means raise to the power of