To calculate the simple interest earned, we can use the formula for simple interest:
\[ \text{Interest} = P \times r \times t \]
where:
- \( P \) = principal amount (the initial amount of money)
- \( r \) = annual interest rate (in decimal form)
- \( t \) = time the money is invested or borrowed for, in years
In this case:
- \( P = 1500 \)
- \( r = 0.03 \) (3% expressed as a decimal)
- \( t = 3 \)
Now, plug in the values:
\[ \text{Interest} = 1500 \times 0.03 \times 3 \]
Calculating this step by step:
- Multiply \( 1500 \times 0.03 = 45 \)
- Now multiply \( 45 \times 3 = 135 \)
Thus, the simple interest earned at the end of 3 years is:
\[ \text{Interest} = 135 \]
Therefore, the correct answer is B. $135.00.