To find the simple interest we have the following formula
Formula:
Simple Interest = P*T*R/100
So given P=$ 7500 , t = 4 years and r = 2% => 2/100
SI = (7500 x 4 x 2)/100
=$ 600
Formula:
Compound Interest = P (1+r/100)^t - P
= 7500(1+2/100)^4 - 7500
= 7500(102/100)^4 -7500
= 7500(51/50)^4 - 7500
= 7500(6765201/6250000) -7500
= 75 x ( 6765201/62500) - 7500
= $618.2412