3-What is the simple interest produced by R$420.00 over 2 years at a rate of 7% per year? Value: 1.5 points

To calculate the simple interest, we can use the formula: Simple Interest = Principal * Rate * Time Given: Principal (P) = $420.00 Rate (R) = 7% per year Time (T) = 2 years Let's substitute these values into the formula: Simple Interest = 420 * 0.07 * 2 Simplifying this calculation: Simple Interest = 58.80 Therefore, the simple interest produced by R$420.00 over 2 years at a rate of 7% per year is $58.80.