Solution
We are given
Rate (r) = 2% = 0.02
Time (t) = 2 years
Principal (p) = $572
Note: Simple Interest Formula
[tex]\begin{gathered} Simple\text{ }Interest=\frac{PRT}{100} \\ \\ Simple\text{ }Interest=\frac{572\times2\times2}{100} \\ \\ Simple\text{ }Interest=22.88 \end{gathered}[/tex]
The interest on Ed Bland savings is $22.88
