Answer:
$1
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 5%/100 = 0.05 per year,
then, solving our equation
I = 10 × 0.05 × 2 = 1
I = $ 1.00
The simple interest accumulated
on a principal of $ 10.00
at a rate of 5% per year
for 2 years is $ 1.00.
