$700 is invested for a year. If the yearly interest rate is 4.5%, how much interest is earned in one year?

Answer 1

To calculate the interest earned, we can use the formula:

Interest = Principal x Rate

Where Principal is the amount of money invested and Rate is the annual interest rate.

Plugging in the given values:

Interest = $700 x 4.5/100
Interest = $31.50

Therefore, the interest earned in one year is $31.50.