The amount of simple interest earned in one year on an account that has an interest rate of 3.2% and a principal of $250 can be calculated using the formula:
Simple Interest = (Principal x Rate x Time) / 100
Where,
Principal = $250
Rate = 3.2%
Time = 1 year
Substituting these values in the formula, we get:
Simple Interest = (250 x 3.2 x 1) / 100
Simple Interest = $8
Therefore, the amount of simple interest earned in one year on an account that has an interest rate of 3.2% and a principal of $250 is $8.