Answer:
The simple interest was found to be $9.6 after 1 year at 3%
Step-by-step explanation:
Given that
principal p= $350
rate r= 3%= 3/100= 0.03
time t= 1 year
The expression for the simple interest is given as
SI= p*r*t
SI= 320*0.03*1
SI= $9.6
After 1 year at 3% the simple interest is $9.6
Simply put the extra money earned after an investment is called the simple interest
