The simple interest is $330
Explanation:Principal = $3000
rate = r = 5.5% = 0.055
time = t = 2 years
Applying the simple interest formula:
[tex]\begin{gathered} I\text{ = PRT} \\ P\text{ = principal, R = rate, T = time} \\ I\text{ = interest} \end{gathered}[/tex]Inserting the values:
[tex]\begin{gathered} I\text{ = 3000}\times\text{ 0.055 }\times\text{ 2} \\ I\text{ = 330} \end{gathered}[/tex]The simple interest is $330
