To find the simple interest (I), we can use the formula for simple interest:
\[ I = P \times r \times t \]
where:
- \( I \) = Interest
- \( P \) = Principal amount (the initial amount of money)
- \( r \) = Rate of interest (as a decimal)
- \( t \) = Time (in years)
From the table, we have the following values:
- \( P = 375 \) (the principal)
- \( r = 2.2% = \frac{2.2}{100} = 0.022 \) (the rate of interest)
- \( t = 3 \) years
Now we can substitute these values into the simple interest formula:
\[ I = 375 \times 0.022 \times 3 \]
Calculating this step-by-step:
- Calculate \( 375 \times 0.022 = 8.25 \)
- Now multiply this by 3:
\[ I = 8.25 \times 3 = 24.75 \]
So the simple interest \( I \) is $24.75.