Final answer:
To calculate the interest earned on an account using the simple interest formula, you need to use the formula I = PRT, where P is the principal amount, R is the interest rate, and T is the time in years. In this case, Maria invested $1,000 at a yearly interest rate of 0.65% for 12 months. Therefore, the interest earned on this account is $6.50.
Step-by-step explanation:
To calculate the interest earned on an account using the simple interest formula, you need to use the formula I = PRT, where:
- I is the interest earned
- P is the principal amount (initial investment)
- R is the interest rate
- T is the time in years
In this case, Maria invests $1,000 at a yearly interest rate of 0.65% for 12 months. Plugging in the values, we get:
I = $1,000 × 0.0065 × 1 = $6.50
Therefore, the interest earned on this account is $6.50.