If you invest \( P \) dollars ( \( P \) is for principal) at simple interest rate \( R \) for \( T \) years, the amount of interest yo will earn is given by the formula \( I=\boldsymbol{P} \cdot \boldsymbol{R} \cdot \boldsymbol{T} \). Find \( I \) if \( P=\$ 1000, R=\frac{5}{100} \), and \( T=3 \) years You will earn \( \$ \square \) in interest.

Calculate the value by following steps: - step0: Calculate: \(1000\left(\frac{5}{100}\right)\times 3\) - step1: Reduce the fraction: \(1000\times \frac{1}{20}\times 3\) - step2: Multiply the terms: \(50\times 3\) - step3: Multiply the numbers: \(150\) To find the amount of interest \( I \) earned from the investment, we can use the formula: \[ I = P \cdot R \cdot T \] Given the values: - \( P = 1000 \) (the principal amount in dollars) - \( R = \frac{5}{100} \) (the interest rate) - \( T = 3 \) (the time in years) Now, substituting these values into the formula: \[ I = 1000 \cdot \frac{5}{100} \cdot 3 \] Calculating this step-by-step: 1. Calculate \( \frac{5}{100} = 0.05 \). 2. Multiply \( 1000 \cdot 0.05 = 50 \). 3. Finally, multiply \( 50 \cdot 3 = 150 \). Thus, the amount of interest earned is: \[ I = 150 \] You will earn \( \$150 \) in interest.