A simple interest certificate of deposit (CD) offers a fixed interest rate of 3% annually. If you invest $⁢10,000 for 2 years, what will be the total interest earned? Simple interest formula: I=P⋅r⋅t

Use the simple interest formula I = P × r × t. Substituting the values gives I = $10,000 × 0.03 × 2 = $600, so the total interest earned is 600 dollars.

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