# How do you find the amount of simple interest earned after 2 years on 480 invest at a 7% annual interest rate?

Nov 9, 2016

=$549.55$ (2dp)

#### Explanation:

$480 \times {1.07}^{2}$

480 -money at start
1.07 -7%+100% as a decimal
2 -amount of times interest in paid

=$549.552$
=$549.55$ (2dp)