The amount of interest she will earn in one year will be 5 dollars and 12 cents.
What is Simple interest?
The normal interest levied on the amount borrowed from any bank on a yearly basis is called the simple interest.
Given that:-
- The interest of 3.2% per year
- Invests $160 and no money will be added or removed from the investment.
The simple interest amount will be:-
SI = ( P x R x T ) / 100
SI = ( 160 x x 3.2 x 1 ) / 100
SI = $5.12
Therefore the amount of interest she will earn in one year will be 5 dollars and 12 cents.
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