Sure! Let's find the simple interest earned using the provided values. We'll follow these steps:
1. Identify the principal amount (P):
- The principal amount is [tex]$7000.
2. Determine the rate of interest (R):
- The rate of interest is 17%. In decimal form, this is 0.17.
3. Specify the time period (T):
- The time period is \(4 \frac{1}{2}\) years, which can also be written as 4.5 years.
4. Use the formula for simple interest:
- The formula for simple interest is \(I = P \times R \times T\), where \(I\) is the interest, \(P\) is the principal, \(R\) is the rate, and \(T\) is the time.
5. Calculate the simple interest:
- Substituting the given values into the formula, we get:
\[
I = 7000 \times 0.17 \times 4.5
\]
6. Result:
- After performing the multiplication, we find that the simple interest earned is $[/tex]5355.0.
So, the amount of simple interest earned is \$5355.
