1/2 is as simple as this fraction gets there is no more simplification to be done any more. However if your fraction were 2/4 then it could be simplified to 1/2. How did we get 1/2? Well the proces is simple all you have to do is find a number that both numbers are divisible to. For instance 2 can be divided by itself once. For the next 4 can be divided by 2 twice hence the result. If you're looking for other forms like decimal form then it would be written as 0.50.
It will equate to about $35.97 if you wish to check the math you take 35.97 multiply it by 5.5% getting 1.97835 or 5.93505 for the whole three years add it to 35.97 and get 41.90505
