In 3 years, Devi earned a simple interest of $123.75.
To calculate the simple interest, we use the following formula:
(Principal) • (interest rate) • (time) = simple interest
Plugging the values in, we will find that:
$2,750 (our principal) • 0.015% (our interest rate represented by a decimal) • 3 (our time period in years) = $123.75 (our simple interest)
Ultimately, Devi made an investment and in 3 years earned a simple interest of $123.75.
