9514 1404 393
Answer:
C) $3572
Explanation:
The simple interest formula is ...
I = Prt
where P is the amount invested at annual rate r for t years.
To find the value of P, we can divide by rt:
P = I/(rt)
Filling in the given information, we have ...
P = $500/(0.035×4) = $500/0.14 ≈ $3572
$3572 must be invested to earn $500 interest in 4 years.