The interest (I) earned by money deposited in a simple interest annually for n years can be calculated through the equation,
I = A₁(r)(n)
where A₁ is the initial amount, r is the decimal equivalent of the rate, and n is the number of years. From the given above,
I = ($5600)(0.045)(12) =$3024
Adding this value to the original amount of money will give us $8,624.
