Answer:
The answer is
$ 154
Step-by-step explanation:
The simple interest on an amount of money can be found by using the formula
[tex]I = \frac{principal \: \times \: rate \: \times \: time }{100} [/tex]
Where I = Simple interest
From the question
principal = $ 700
time = 4 years
rate = 5.5 %
So the simple interest is
[tex]I = \frac{700 \times 5.5 \times 4}{100} \\ = \frac{15400}{100} [/tex]
We have the final answer as
$ 154
Hope this helps you
