chanel deposited $1175 into a savings account that pays a simple annual interest rate of 1.45%. how much…

chanel deposited $1175 into a savings account that pays a simple annual interest rate of 1.45%. how much interest will she earn after 4 years? $68.15 $42.59 $32.41 $17.04

chanel deposited $1175 into a savings account that pays a simple annual interest rate of 1.45%. how much interest will she earn after 4 years? $68.15 $42.59 $32.41 $17.04

Answer

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

Given $r = 1.45%=\frac{1.45}{100}=0.0145$, $P=$1175$, and $t = 4$ years.

Step3: Substitute values into the formula

$I=Prt=1175\times0.0145\times4$. First, calculate $1175\times0.0145 = 17.0375$. Then, $17.0375\times4=68.15$.

Answer:

$68.15$