SOLUTION: Alonzo 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?

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Question 972038: Alonzo 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 by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
I=PRT=700*.02*6=$84. No compounding, just $14 a year (700*.02)