$$ \$ 500 $$ at $$ 4.7 \% $$ for $$ 2 \frac{1}{2} $$ years

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UpStudy AI · Accepted Answer

Sure, let's calculate the **simple interest** and the **total amount** accumulated on an investment of \$500 at an annual interest rate of **4.7%** over **2.5 years**.

### Simple Interest Formula:
$$ \text{Simple Interest (I)} = P \times r \times t $$

Where:
- $$ P $$ = Principal amount (\$500)
- $$ r $$ = Annual interest rate (4.7% or 0.047)
- $$ t $$ = Time in years (2.5 years)

### Calculation:
1. **Calculate the Interest:**
   $$
   I = 500 \times 0.047 \times 2.5 = 58.75
   $$
   So, the **simple interest** earned is **\$58.75**.

2. **Calculate the Total Amount:**
   $$
   \text{Total Amount} = P + I = 500 + 58.75 = 558.75
   $$
   Therefore, the **total amount** after 2.5 years is **\$558.75**.

### Summary:
- **Principal (P):** \$500
- **Annual Interest Rate (r):** 4.7%
- **Time (t):** 2.5 years
- **Simple Interest (I):** \$58.75
- **Total Amount:** \$558.75

If you intended to calculate **compound interest** instead, please let me know, and I can provide that calculation as well!
The simple interest earned is \$58.75, and the total amount after 2.5 years is \$558.75.

at for years

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