Answer:
$1,823.20
Step-by-step explanation:
You are going to want to use the simple interest formula for this. The one below is modified for solving the interest earned.
[tex]I = Prt[/tex]
I = interest amount
P = principal amount
r = interest rate (decimal form)
t = time
First, change 4% into its decimal form:
4% -> [tex]\frac{4}{100}[/tex] -> 0.04
Next, plug in the values:
[tex]I=45,580(0.04)(1)[/tex]
[tex]I=1823.20[/tex]
Rita will be charged $1,823.20 worth of interest at the end of one year.
