Question

Aldo deposits $700 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 6 years?

Answer 1

$84

Explanation:

Principal = $700

r =2 % = 0.02

t = 6 years

Simple Interest = Prt

= 700 * 0.02 * 6

= $84