Answer:
The simple interest earned in one year is $10.5
Step-by-step explanation:
Simple interest = p × r × t
Where,
p = principal
r = interest rate
t = time
Principal= $350
Interest rate = 3%
=3/100
=0.03
Time= 1 year
Simple interest = p × r × t
= $350 × 0.03 × 1
= $10.5
The simple interest earned in one year is $10.5
