Answer:
To find the amount of interest earned by depositing $220 into an account that earns 4% interest for one year, we can use the simple interest formula:
Interest = Principal * Rate * Time
Where:
Principal = $220 (the amount deposited)
Rate = 4% (expressed as a decimal, so 0.04)
Time = 1 year
Plugging in these values, we get:
Interest = $220 * 0.04 * 1
Interest = $8.80
Therefore, the amount of interest earned by depositing $220 into an account that earns 4% interest for one year is $8.80.