The formula for calculating simple interest is:

$I = P \times r \times t$

where:

• $P$ is the principal amount (initial investment),
• $r$ is the interest rate (in decimal form), and
• $t$ is the time in years.

Given:

• $P = 8100$,
• $r = 7\% = 0.07$,
• $t = 1$ year.

Plugging in the values:

$I = 8100 \times 0.07 \times 1 = 567$

Answer: The simple interest earned is $567.00.

Would you like further details on any part of this calculation?

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Here are some related questions for practice:

1. What would the interest be if the rate was 5% instead?
2. How much total amount would you have after 2 years at 7%?
3. If the principal was $10,000, how much interest would be earned at 7% in one year?
4. What would the interest be if the time was extended to 3 years?
5. How is simple interest different from compound interest?

Tip: To convert a percentage to a decimal for calculations, divide by 100. For example, 7% becomes 0.07.