Answer:
$581.25
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3.25%/100 = 0.0325 per year,
then, solving our equation
I = 500 × 0.0325 × 5 = 81.25
I = $ 81.25
The simple interest accumulated
on a principal of $ 500.00
at a rate of 3.25% per year
for 5 years is $ 81.25.
