Answer:
For 5 years $87
For 6 months $8.7
Step-by-step explanation:
To calculate the interests, we use the simple interest formula
Mathematically;
I = PRT/100
where P is the amount invested called the principal = $580
R is the rate = 3%
Time differs which may be 5 years or 6 months according to the question.
kindly note that 6 months is 0.5 year
For 5 years, we have
I = (580 * 3 * 5)/100 = $87
For 6 months, we have;
I = (580 * 3 * 0.5)/100 = $8.7
