SOLUTION: Debra deposits $7000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 5 years?

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Question 1191382: Debra deposits $7000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 5 years?
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
2% of $7000 is $140. No compounding here, since "simple interest". The $140 would be earned 5 times.