# Kevin 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 3 years?

QUESTION POSTED AT 18/04/2020 - 07:42 PM

QUESTION POSTED AT 18/04/2020 - 07:42 PM

Use P*R*T/100, the formula for simple interest.

P = $7000

R = 2%

T = 3 years

$7000*2*3/100 = $4200

So, your answer is $4200

P = $7000

R = 2%

T = 3 years

$7000*2*3/100 = $4200

So, your answer is $4200

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