Bobby will have $557 in his account after 4 years.
Simple interest is calculated based on a loan's principal or the initial deposit into a savings account.
Simple interest doesn't compound, therefore a creditor will only charge interest on the principal sum, and a borrower will never be required to pay further interest on the interest that has already accrued.
Simple interest = (principal amount×Rate of interest×time-period)/100
The principal amount deposited was $500.
The rate of interest given by the bank is 2.85%.
The duration of deposit is 4 years.
Simple interest = (500×2.85×4)/100
= 57
Simple interest given by the bank after 4 years is $57.
The total sum of money Bobby will have in his bank is $500 + $57 = $557.
Therefore, after 4 years Bobby will have $557 in his account.
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