Hello!
First, let's write some important information:
• Initial amount: $8,612.66
,• Interest rate (per year): 3.34%
,• Time (in years): 7
To solve this exercise, we must use the formula below to find the interest:
[tex]\mathrm{Interest=P\cdot r}\cdot\mathrm{t^}[/tex]• P = principal
,• r = rate/100
,• t = time
Knowing it, let's calculate the simple interest after 7 years by replacing the values:
[tex]\begin{gathered} Interest\text{ = 8,612.66}\times0.0334\times7 \\ Interest=\text{8,612.66}\times0.2338 \\ Interest\cong2013.639908 \end{gathered}[/tex]As the exercise mentions, we must round the value to the hundredths place (2 decimal places).
Interest after 7 years = $2013.64