\( I=p r t \) (Equation for simple interest) Find the value of \( I \) given that \( p=200, r=0.12 \), and \( t=2 \) \( I=\square \)

Plugging in the values into the equation \( I = p \times r \times t \), we have: \[ I = 200 \times 0.12 \times 2 = 48 \] So, \( I = 48 \). Now, imagine this interest as the reward for lending money! Simple interest is a straightforward way to earn money on your savings or loans without the complexity of compounded interest—like earning sweet rewards just for keeping your money in the bank! Calculating interest this way can come in handy in real-life scenarios, like figuring out how much you'll earn on a savings account over a couple of years or determining what you owe when borrowing a friend’s cash. It’s also a great way to teach kids about money management—they'll love seeing how their savings can grow over time, even if it’s not the flashiest method around!