Find the simple interest of $530 for 4 months at 4.5%

1. Identify the principal amount (P), interest rate (R), and time (T):

P = 530, \quad R = 4.5\%, \quad T = \frac{4}{12} \text{ years}

2. Convert the interest rate from a percentage to a decimal:

R = \frac{4.5}{100} = 0.045

3. Use the simple interest formula:

I = P \times R \times T

4. Substitute the values into the formula:

I = 530 \times 0.045 \times \frac{4}{12}

5. Calculate:

I = 530 \times 0.045 \times \frac{4}{12} = 7.95

6. The simple interest is:

I = 7.95