Alright, lets get started.
Suppose you deposited $100 in a savings account 4 years ago with a simple interest rate of 2.2%.
Principal P= $ 100
Time t = 4 years
rate of interest = 2.2 %
Formula of simple interest [tex] = \frac{P*t*r}{100} [/tex]
Plugging the value in formula
simple interest = [tex] \frac{100*4*2.2}{100} [/tex]
simple interest = [tex] 4 * 2.2 [/tex]
simple interest = $ 8.8
Hence the statement is true. : Answer
Hope it will help :)
