If and lsquoP and rsquo be the initial investment and lsquoI and rsquo be the interest rate and and lsquoT and rsquo be the time period for which funds are invested then interest earned will be?

The interest earned can be calculated using the formula ( \text{Interest} = P \times I \times T ), where ( P ) is the principal amount (initial investment), ( I ) is the interest rate (expressed as a decimal), and ( T ) is the time period (in years). This formula applies to simple interest. For compound interest, the formula would be different, generally given by ( A = P(1 + I)^T ), where ( A ) is the total amount after interest.