Answer: $51.56
Step-by-step explanation:
Formula to find simple interest :-
[tex]I=Prt[/tex], where P is the initial amount , r is rate of interest in decimal and t is time period in years.
Given : P= $1500
r=3.75%=0.0375
t= 11 months= [tex]\dfrac{11}{12}\ year[/tex] [since 1 years = 12 months]
Now, the simple interest will be :_
[tex]I=(1500)(0.0375)(\dfrac{11}{12})=51.5625\approx\$51.56\ [/tex]
Hence, the required simple interest = $51.56
