Answer:
Principal = $700
Step-by-step explanation:
Simple interest = principal × rate × time
Simple interest = $28
Rate = 2% = 0.02
Time = 2 years
Principal = x
Simple interest = principal × rate × time
28 = x * 0.02 * 2
28 = 0.04x
x = 28/0.04
x = $700
Principal = x = $700
