find the total amount of interest earned on this savings account.\ntime: 7 years\ninterest rate…

find the total amount of interest earned on this savings account.\ntime: 7 years\ninterest rate: 2.5%\nprincipal: $4,556\ninterest:\n$79.73\n$797.30\n$7,973\n$79,730

find the total amount of interest earned on this savings account.\ntime: 7 years\ninterest rate: 2.5%\nprincipal: $4,556\ninterest:\n$79.73\n$797.30\n$7,973\n$79,730

Answer

Explanation:

Step1: Convert interest rate to decimal

The interest rate $r = 2.5%=0.025$.

Step2: Use simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal, $r$ is the annual interest rate, and $t$ is the time in years. Given $P = 4556$, $r=0.025$, and $t = 7$. $I=4556\times0.025\times7$.

Step3: Calculate the interest

First, $4556\times0.025 = 113.9$. Then, $113.9\times7=797.3$.

Answer:

$797.30$