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Interest, is an additional money paid for borrowing money. it could be simple or compound interest.

simple interest= p×T×R/100

when interest is compounded annually

F= p(1+r)^t

F= future value

p= principal

r= rate

t= time

compound interest is calculated based on the initial and accumulated interest.

F= p(n+r)^n

F= 10000(1+0.02)^1

F= 10000×1.02= $10200

interest= 10200-10000

interest = $200

second year

F = 10200(1+0.02)^1

F=10200×1.02= $10404

Interest= 10404-10200

interest= $204

third year

F= 10404(1+0.02)^1

F= 10404(1.02)

F = $10612.08

interest= 10612.08-10404

interest= $208.08

first year

I=10000×1×0.02/100

interest= $2

second year

I= 10000×2×0.02/100

interest= $4

for the third year

I =10000×3 × 0.02/100

interest= $6

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step-by-step explanation: