2. Jenny Invested Php100,000 In A Savings Bank Account That Earned 2% Simple Interest. Find The Inte

2. Jenny invested Php100,000 in a savings bank account that earned 2% simple interest. Find the interest earned if the amount was kept in the bank for 4 years.

 

Given:

P=₱100,000

r=2%=0.02

t=4

Required: I

Equation: I=Prt

Solution: I=(₱100,000)(0.02)(4)

Answer: I=₱8,000