Answer:
[tex]I=\$1,417.50[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=3.5\ years\\ P=\$4,500\\r=9\%=9/100=0.09[/tex]
substitute in the formula above
[tex]I=4,500(0.09*3.5)[/tex]
[tex]I=\$1,417.50[/tex]
