we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
[tex]A=P\mleft(1+rt\mright)[/tex]where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
P=$1,000
r=30%=30/100=0.30
t=2 years
substitute
[tex]\begin{gathered} A=1,000\mleft(1+0.3\cdot2\mright) \\ A=\$1,600 \end{gathered}[/tex]the interest is equal to
I=A-P
I=1,600-1,000=$600
therefore
The total interest is $600
