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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?

Answer :

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

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