Answer:
Explanation:
To calculate the simple interest earned on an investment of $9710 at a semiannual rate of 3.6% for 4 years, we need to use the formula:
I = Prt
where I is the interest, P is the principal (initial investment), r is the interest rate (as a decimal), and t is the time (in years).
In this case, the principal is $9710, the interest rate is 3.6% per year, or 0.036/2 = 0.018 per 6-month period (since the interest is compounded semiannually), and the time is 4 years, or 8 periods of 6 months each.
Plugging in these values, we get:
I = $9710 x 0.018 x 8 = $1392.24
Therefore, the simple interest earned on the investment is $1392.24. Rounding to the nearest cent, the answer is $1392.24.