Find the simple interest earned to the nearest cent for each principal, interest rate, and time. $300, 5%, 2 years.

A = $330.00

(I = A - P = $30.00)

Equation:

A = P (1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year.

Solving our equation:

A = 300 (1 + (0.05 * 2)) = 330

A = $330.00

The total amount accrued, principal plus interest, from simple interest on a principal of $300.00 at a rate of 5% per year for 2 years is $330.00.