Answer:
$7
Step-by-step explanation:
Hey there
to solve this kind of problem we use the formula:
<h3>First, converting R percent to r a decimal
r = R/100 = 5%/100 = 0.05 per year,
then, solving our equation
I = 70 × 0.05 × 2 = 7
I = $ 7.00
The simple interest accumulated
on a principal of $ 70.00
at a rate of 5% per year
for 2 years is $ 7.00.