Answer: Total amount of interest: $577.03 ; Total amount on the account: $7,577.03
Explanation:
Year 1: $7,000 × 2% = $140
Year 2: $7,140 × 2% = $142.8
Year 3: $7,282.8 × 2% ≈ $145.66
Year 4: $7,428.46 × 2% ≈ $148.57
By the end of the fourth year, Aldo has earned a total interest of $577.03. There would be $7,577.03 in the account by the end of the fourth year.