Answer:
The interest is [tex]\$57.53[/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=280/365\ years\\ P=\$1.000\\r=0.075[/tex]
substitute in the formula above
[tex]I=\$1.000(0.075*280/365)[/tex]
[tex]I=\$57.53[/tex]
