7. henry deposits $925 into a bank account with an annual simple interest rate of 1.2%. how much interest…

Explanation:

Step1: Convert time to years

3 months is $\frac{3}{12}= 0.25$ years, so 2 years and 3 months is $t = 2 + 0.25=2.25$ years.

Step2: Recall simple - interest formula

The simple - interest formula is $I=P\times r\times t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P = 925$, $r=0.012$ (since $1.2%=0.012$), and $t = 2.25$.

Step3: Calculate the interest

$I=925\times0.012\times2.25$. First, $925\times0.012 = 11.1$. Then, $11.1\times2.25=24.975$.

Answer:

$24.98$ (rounded to the nearest cent)