To find the interest earned after 1 year in a savings account with an initial investment of [tex]$1750 and a 2% simple interest rate, we can use the simple interest formula:
\[
\text{Interest} = P \times r \times t
\]
where:
- \(P\) is the principal or initial investment,
- \(r\) is the annual interest rate (expressed as a decimal),
- \(t\) is the time period in years.
In this case, the initial investment \(P\) is $[/tex]1750, the annual interest rate [tex]\(r\)[/tex] is 2%, or 0.02 as a decimal, and the time period [tex]\(t\)[/tex] is 1 year.
Plugging in these values, we get:
[tex]\[
\text{Interest} = 1750 \times 0.02 \times 1
\][/tex]
Performing the multiplication:
[tex]\[
\text{Interest} = 35.0
\][/tex]
Therefore, the interest earned after 1 year is:
[tex]\[
\text{Interest} = \$35.0
\][/tex]
