BUSINESS, FUR1 2004 VCAA 1 MC Sarah invests `$37\ 000` at a simple interest rate of `text(4%)` per annum. The total amount of interest earned in two years is A. $1 480 B. $2 960 C. $5 920 D. $38 480 E. $39 960 Show Answers Only `B` Show Worked Solution `text(Using)\ \ I` `= (PrT)/100` `I` `= (37\ 000 xx 4 xx 2)/100` `= $2960` `=> B`