Answer: Hence, Simple interest earned in one year is $10.5.
Step-by-step explanation:
Since we have given that
Principal amount = $350
Rate of interest = 3%
Time = 1 year
As we know the formula "Simple Interest ", i.e.
[tex]I=\frac{P\times R\times T}{100}\\\\I=\frac{350\times 3\times 1}{100}\\\\I=\$10.5[/tex]
Hence, Simple interest earned in one year is $10.5.
