$$ \text{Number of 2-letter arrangements} = \binom{n}{r} = \frac{n!}{(n-r)! \cdot r!} $$
Where:
- n is the total number of items (in this case, the 5 letters in "candy").
- r is the number of items to be selected (in this case, 2 letters).
Plugging in the values, we get:
$$ \binom{5}{2} = \frac{5!}{(5-2)! \cdot 2!} = \frac{5!}{3! \cdot 2!} = \frac{5 \cdot 4 \cdot 3!}{(3!) \cdot 2!} $$
Canceling out the 3! in the numerator and denominator, we get:
$$ \binom{5}{2} = \frac{5 \cdot 4}{2} = \frac{20}{2} = 10$$
Therefore, there are a total of 10 different 2-letter arrangements that can be selected from the 5 letters in the word "candy."