Answer: interest at the end of 3 years is $495.72
Step-by-step explanation:
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time in years
I = interest after t years
From the information given
T = 3 years
P = $3,672
R = 4.5%
Therefore
I = (3672 × 4.5 × 3)/100
I = 49572/100
I = 495.72
