Charlie deposits $4000 into an account that pays simple interest at a rate of 2% per yearHow much interest will be be paid in the first years?

The interest to be paid in the first year is $80

Step-by-step explanation:

Simple Interest = p*R*T / 100

WHERE p = principal R = rate and t=times in year

we are given principal (p) = $4000

Rate (R) = 2 and Time T=1

We can now proceed to plug in our values in the formula

Interest = P*R*T / 100

=$4000*2*1 / 100 (The two zeros at the denominator will cancel-out two zeros at the numerator, we will be left with just 0 zero at the numerator)

=40 * 2*1

=$80

Therefore the interest to be paid in the first year is $80