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.

To find the interest \( I \), we can simply substitute the given values into the formula \( I = P \cdot R \cdot T \). Using \( P = 1000 \), \( R = \frac{5}{100} = 0.05 \), and \( T = 3 \): \[ I = 1000 \cdot 0.05 \cdot 3 = 1000 \cdot 0.15 = 150 \] So, you will earn \( \$150 \) in interest. It's always fascinating to see how simple calculations can yield substantial results over time. By consistently investing your money at a rate like this, you could watch it grow without needing to engage in complex strategies! Did you know that simple interest is often used in situations like short-term loans or savings accounts? It helps simplify the math, making it easier to understand how much your money can work for you. Just think of it as your money's way of saying "thank you" for letting it sit around!