Answer:
$568.16
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 13%/100 = 0.13 per year,
then, solving our equation
I = 416 × 0.13 × 2 = 108.16
I = $ 108.16
The simple interest accumulated
on a principal of $ 416.00
at a rate of 13% per year
for 2 years is $ 108.16.
