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If you have $7,342 today and can earn 5.20% simple interest annually, how much interest will you have earned after 32 years? Please enter your answer rounded to the nearest whole number

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Answer:

【Answer】: 1. 1,804

【Explanation】: 1. To calculate the interest earned, we can use the formula for simple interest: \(I = P \times r \times t\), where \(P\) is the principal amount (initial amount of money), \(r\) is the annual interest rate (as a decimal), and \(t\) is the time the money is invested for in years. In this case, \(P = $7,342\), \(r = 5.20\% = 0.052\), and \(t = 32\) years. Plugging these values into the formula, we get: \(I = $7,342 \times 0.052 \times 32 = $1,804\). Therefore, after 32 years, you will have earned $1,804 in interest.

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