Simple interest Quiz Welcome to your Simple interest QuizPlease click "Next"Determine the amountUsing a simple interest formula, A = P(1+rt), determine the final amount, if $300 were invested for 5 years at 2% interest rate.=final amount=initial principal balance=annual interest rate (as a decimal)=time (in years)$330$3300$30Determine the amountUsing a simple interest formula, A = P(1+rt), determine the final amount, if $1000 were invested for 3 years at 1.5% interest rate.=final amount=initial principal balance=annual interest rate (as a decimal)=time (in years)$1.045$1045$45Determine the amountUsing a simple interest formula, A = P(1+rt), determine the final amount, if $2345 were invested for 5 years at 1.1% interest rate.=final amount=initial principal balance=annual interest rate (as a decimal)=time (in years)$1.975$2,744,000$2,474Determine the amountUsing a simple interest formula, A = P(1+rt), determine the amount of interest earned, if $1000 were invested for 2 years at 2.5% interest rate.=final amount=initial principal balance=annual interest rate (as a decimal)=time (in years)$1050$50$1000Determine the amountUsing a simple interest formula, A = P(1+rt), determine the amount of interest earned, if $5600 were invested for 2 years at 1.8% interest rate.=final amount=initial principal balance=annual interest rate (as a decimal)=time (in years)$201.60$5801.60$5600Time is Up!