Answer:
$5909.50
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year,
then, solving our equation
I = 5575 × 0.03 × 2 = 334.5
I = $ 334.50
The simple interest accumulated
on a principal of $ 5,575.00
at a rate of 3% per year
for 2 years is $ 334.50.
