Question

Chloe deposits $2,000 in a money market account. The bank offers a simple interest rate of 1.2%. How much interest will she earn in 10 years?

Answer 1

The interest Chloe will earn can be calculated using the formula: interest = principal * rate * time.

Given that the principal is $2,000, the rate is 1.2%, and the time is 10 years, we can plug these values into the formula:

interest = $2,000 * 1.2% * 10 = $<<2000*1.2*.01*10=240>>240.

Therefore, Chloe will earn $240 in interest after 10 years. Answer: \boxed{240}.