Given:
P = 500 dollars
R = 9% = 0.09
T = 2 years
Required:
Simple interest = ?
Explanation:
The formula for simple interest is
[tex]\begin{gathered} Simple\text{ }interest=\frac{P\times R\times T}{100} \\ \\ Simple\text{ }interest=\frac{500\times9\times2}{100}=\frac{500\times18}{100}=5\times18 \\ \\ Simple\text{ }interest=90 \end{gathered}[/tex]Final answer:
The simple interest for 2 years is 90 dollars
