Answer:
The amount of interest earned for the year is $37.7
Step-by-step explanation:
The formula for simple interest is expressed as
I = PRT/100
Where
P represents principal or amount invested.
T represents the time
R represents the interest rate
I represents the interest
From the information given,
You want to put $580 into a saving account for 1 year. This means that
P = $580 and
T = 1 year
R = 6 1/2 = 6.5%
I = (580× 6.5×1)/100 = $37.7
