What would be the difference at the end of one year between the simple interest earned on a deposit of $450 at 4.5% and the compound interest earned on $450 at 4.5% compounded annually?

Sure, I can help with that. Here are the steps to calculate the difference:

Step 1: Calculate Simple Interest Simple interest is calculated using the formula: I = PRT, where P is the principal amount, R is the rate of interest, and T is the time in years.

So, for a deposit of $450 at 4.5I = 450 * 4.5/100 * 1 =$20.25

Step 2: Calculate Compound Interest Compound interest is calculated using the formula: A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years.

Since the interest is compounded annually, n = 1. So, the formula simplifies to A = P(1 + r)^t.

So, for a deposit of $450 at 4.5A = 450 * (1 + 4.5/100)^1 =$470.25 The compound interest earned is A - P = $470.25 -$450 = $20.25

Step 3: Calculate the Difference The difference between the simple interest and compound interest earned at the end of one year would be: $20.25 -$20.25 = $0

So, there is no difference between the simple interest and compound interest earned on a deposit of $450 at 4.5% at the end of one year when the interest is compounded annually.