To calculate the interest earned on a CD (Certificate of Deposit) with a fixed maturity, you can use the formula for simple interest:

$\text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time}$

In this case:

• Principal (P) = $660
• Annual Interest Rate (R) = 3.4% = 0.034
• Time (T) = 2 years

Plugging in the values:

$\text{Interest} = 660 \times 0.034 \times 2$

Calculating step-by-step:

1. $660 \times 0.034 = 22.44$
2. $22.44 \times 2 = 44.88$

So, the interest earned over 2 years is approximately $44.88.

Would you like more details on this calculation or have any questions?

Here are five related questions to explore further:

1. How does compound interest differ from simple interest?
2. What would the interest be if the rate was compounded annually?
3. How much would the investment total be after 2 years with the interest included?
4. How does the interest change if the term is extended to 3 years?
5. What is the formula for calculating interest with a different compounding period?

Tip: For longer-term investments, understanding the effect of compound interest can be valuable as it typically yields higher returns than simple interest.