I believe it would be $4,399.15 because if you use the formula I=P*R*T P=62,845 R=0.07 or 7% T=1 year period So overall your equation is 62845*0.07*1=$4,399.15 Now at this point the interest is added onto the principal amount to figure out some new amount after one year so: 62845.00+4399.15=$67,244.15
