Q2 Charlie deposits 56000 into ah account that pays simple interest at an annual rate of \( 3 \% \). He does not make any more deposits. He makes no withdrawals until the end of 2 years when he withdraws all the money. Answer the following questions. If necessany, refer to the list of financial formulas. (a) How much total interest will charlie earn? (b) What will the total amount in the account be (including interest)? \( \$ \square \)

To calculate the total interest Charlie will earn after 2 years using the simple interest formula, \( I = P \times r \times t \), where \( P \) is the principal amount ($56,000), \( r \) is the annual interest rate (3% or 0.03), and \( t \) is the time in years (2), we find: \( I = 56000 \times 0.03 \times 2 = 3360 \). So, Charlie will earn a total interest of $3,360. Now, to find the total amount in the account at the end of 2 years, we add the interest earned to the principal: Total amount = Principal + Interest = \( 56000 + 3360 = 59360 \). Therefore, the total amount in the account will be \$59,360.