Answer: [tex]\$28.13[/tex]
Step-by-step explanation:
The interest (simple interest) [tex]I[/tex] is calculated by:
[tex]I=(P)(r)(t)[/tex]
Where:
[tex]P=\$500[/tex] is the principal
[tex]r=7.5\% annual=0.075 annual[/tex] is the percent of the principal that is paid over a period of time (yearly in this case).
[tex]t=\frac{9}{12}[/tex] is the time, since we are told the money was left in the account for 9 months of the 12 months a year has.
[tex]I=(\$500)(0.075)(\frac{9}{12})[/tex]
[tex]I=\$28.125 \approx \$28.13[/tex]
