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25-10-2022
Mathematics

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Colton has $67,696 in a savings account that earns 2% interest per year. The interest is not compounded. How much interest will he earn in 1 year?

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SreekarG693270 SreekarG693270

25-10-2022

Colton has $67,696 in a savings account that earns 2% interest per year. The interest is not compounded. How much interest will he earn in 1 year?

we know that

2%=2/100=0.02

so

To find out the amount of interest, multiply the total amount by the percentage in decimal form

(67,696)*0.02

=$1,353.92

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