Final answer:
To calculate the simple interest earned on $13,450.50 at 9%, use the formula I = PRT. Assuming the interest is for one year, the interest would be $1,210.55. Compound interest would result in a different amount, as it considers accumulated interest over time.
Step-by-step explanation:
The student asks about calculating interest earned on an amount at a given interest rate. In this case, it's important to first clarify whether they are referring to simple interest or compound interest. Since the question does not specify, we will assume simple interest for the purpose of providing an answer.
Using the simple interest formula, I = PRT (where I is interest, P is principal amount, R is rate of interest per year, and T is time in years), we can calculate the interest earned. If the period for which the interest is to be calculated is not specified, we will assume it is for one year. For the given amount of $13,450.50 at a 9% annual interest rate, the interest earned can be calculated as follows:
I = PRT = $13,450.50 × 0.09 × 1 = $1,210.545
The interest earned on $13,450.50 at 9% simple interest per year is $1,210.55 (rounded to two decimal places).
Keep in mind that compound interest will result in a different amount of interest earned, as it takes into consideration the interest earned on top of previously accumulated interest over multiple periods. As highlighted in the referenced information, compound interest can significantly increase the total return on investment, especially over longer periods and with larger sums of money compared to simple interest.