Answer:
$482.11 in interest
Step-by-step explanation:
Use the compound amount formula. Calculate the compound amount and then subtract the principle to find the amount of interest earned.
A = P(1 + r)^t, where r is the interest rate as a decimal fraction
This becomes:
A = $575(1 + 0.07)^9, or A = $1057.11.
Subtracting the principal: A - P: $1057.11 - $575 = $402.11
