Answer:
[tex]I=\$8[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=1\ year\\ P=\$250\\r=3.2\%=3.2/100=0.032[/tex]
substitute in the formula above
[tex]I=250(0.032*1)[/tex]
[tex]I=\$8[/tex]
