Alice earned interest of $120 from an investment of $1000 for two years. what is the rate of simple interest per year what does this mean

 Rate of simple interest per year = 6%

  It means that every year an amount equal to simple interest per year times of investment is earned by the investor.

Explanation:

  We have  I = prt, where I represents simple interest, p represents principal, r represents interest rate, and t represents time in years.

 Here principal, p = 1000 $

          Number of years , t = 2 years

        Interest received, I = 120$

       We need to find rate of interest.

  Substituting

      120 = 1000 x r x 2

          r = 120/2000 = 0.06 = 6%

   Rate of simple interest per year = 6%

   It means that every year an amount equal to simple interest per year times of investment is earned by the investor.

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