Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Experience the convenience of getting reliable answers to your questions from a vast network of knowledgeable experts. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Miguel deposits 7000 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 2 years?

Sagot :

Explanation:

The simple interest formula is:

[tex]i=P\times r\times t[/tex]

Where P is the initial amount, r is the interest rate and t is the time in years:

[tex]i=7,000\times0.02\times2=280[/tex]

Answer:

Miguel will be paid $280 in the first 2 years

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.