Answer:
$102.81
Step-by-step explanation:
Time = 3.5
Rate = 5
Principal Amount = 587.50
Using the Simple Interest formula:
SI = [tex]\frac{P*R*T}{100}[/tex] where
P -> Principal Amount,
R -> Rate, and
T -> Time
Substituting the given values into the formula:
SI =
[tex]\frac{587.50 * 5 * 3.5}{100}\\\\= \frac{10281.25}{100}\\\\= 102.8125\\[/tex]
≈ $102.81
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