Sam deposits \( \$ 2000 \) into an account that pays simple interest at an annual rate of \( 2 \% \). He does not make any more deposits. He makes no withdrawals untli the end of 6 years when he withdraws all the money. Answer the following questions. If necessary, refer to the list of financial formulas. (a) How much total interest will Sam earn? (b) What will the total amount in the account be (including interest)?

To find the total interest Sam will earn, we can use the formula for simple interest: \[ I = P \times r \times t \] where: - \( I \) is the interest earned, - \( P \) is the principal amount (initial deposit), - \( r \) is the annual interest rate (in decimal), - \( t \) is the time in years. Substituting the values into the formula: - \( P = 2000 \), - \( r = 0.02 \) (since 2% as a decimal is 0.02), - \( t = 6 \). So, \[ I = 2000 \times 0.02 \times 6 = 2000 \times 0.12 = 240. \] Thus, Sam will earn a total interest of **$240**. For the total amount in the account including interest, we can use the formula: \[ \text{Total Amount} = P + I. \] Substituting the values we found: \[ \text{Total Amount} = 2000 + 240 = 2240. \] Therefore, the total amount in the account after 6 years will be **$2240**.