Answer:
\(\$44.42\)
Step-by-step explanation:
we know that
The simple interest formula is equal to
\(I=P(rt)\)
where
I is the amount of money in interest
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
\(t=(180/365)=0.49\ years\\ P=\$1,295\\r=0.07\)
substitute in the formula above
\(I=1,295(0.07*0.49)=\$44.42\)
