To calculate the total amount in the account at the end of 2 years with simple interest, you can use the formula for simple interest:
\[ A = P + I \]
where:
- \(A\) is the total amount after time \(t\),
- \(P\) is the principal amount (the initial deposit),
- \(I\) is the interest earned.
First, calculate the interest \(I\) using the formula:
\[ I = P \times r \times t \]
where:
- \(r\) is the annual interest rate (as a decimal),
- \(t\) is the time in years.
Given:
- \(P = 7,912\),
- \(r = 5.75% = 0.0575\),
- \(t = 2\) years.
Now, substitute the values into the interest formula:
\[ I = 7,912 \times 0.0575 \times 2 \]
Calculating \(I\):
\[ I = 7,912 \times 0.0575 \times 2 = 7,912 \times 0.115 = 909.88 \]
Now, add the interest to the principal to find the total amount:
\[ A = P + I = 7,912 + 909.88 = 8,821.88 \]
Thus, the amount in the account at the end of 2 years will be 8,821.88.