shane deposits $500 in an account that earns 7.4% simple interest. what would be the total amount in her…

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. The total amount $A$ in the account after $t$ years is $A=P + I=P(1 + rt)$. Here, $P = 500$, $r=0.074$ (since $7.4%=0.074$), and $t = 3$.

Step2: Calculate the total amount

Substitute the values into the formula $A=P(1+rt)$. So, $A = 500\times(1+0.074\times3)$. First, calculate the value inside the parentheses: $0.074\times3=0.222$, then $1 + 0.222=1.222$. Then, $A = 500\times1.222=611$.

Answer:

B. $611.00$