Answer:
To earn $65 in interest in 16 months at a simple interest rate of 3%, you would need to invest $2,166.67. The formula for calculating simple interest is I = P * R * T, where I is the interest earned, P is the principal amount invested, R is the interest rate, and T is the time in years. In this case, we are given that the interest rate is 3%, the time is 16 months, and the interest earned is $65, so we can plug these values into the formula to solve for the principal amount invested:I = P * R * T
$65 = P * 0.03 * (16/12)
$65 = P * 0.03 * (4/3)
$65 = P * 0.01
P = $2,166.67Therefore, to earn $65 in interest in 16 months at a simple interest rate of 3%, you would need to invest $2,166.67.