In order to calculate the interest generated in 2 years, we can use the formula below:
[tex]I=P((1+r)^t-1)[/tex]Where I is the interest generated after t years, P is the principal (initial amount) and r is the interest rate.
So, for P = 955, r = 0.15 and t = 2, we have:
[tex]\begin{gathered} I=955((1+0.15)^2-1) \\ I=955(1.15^2-1) \\ I=955(1.3225-1) \\ I=955\cdot0.3225 \\ I=307.99 \end{gathered}[/tex]Therefore the interest generated is $307.99.
