Celine invests $ 800 for 5 months at 3 % simple interest per year.
Calculate the interest she receives.
To calculate the interest Celine receives, we first need to calculate the annual interest she would receive at a rate of 3% for 1 year.
Annual interest = Principal x Rate
Therefore, annual interest = $800 x 0.03 = $24
Next, we need to calculate the interest for 5 months. To do this, we divide the annual interest by 12 (number of months in a year) to get the monthly interest.
Monthly interest = Annual interest/12
Therefore, monthly interest = $24/12 = $2
Finally, we calculate the interest Celine receives for 5 months by multiplying the monthly interest by the number of months.
Interest for 5 months = Monthly interest x Number of months
Therefore, Interest for 5 months = $2 x 5 = $10
Therefore, Celine receives $10 in interest for investing $800 at 3% simple interest per year for 5 months.