SOLUTION: Find the interest earned at the end of the first year on 6,800. invested at 4% I started with I=0.4x1/12=6800 then is it0.4 /12=6800/12 I am stuck

SOLUTION: Find the interest earned at the end of the first year on 6,800. invested at 4% I started with I=0.4x1/12=6800 then is it0.4 /12=6800/12 I am stuck

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Question 151434: Find the interest earned at the end of the first year on 6,800. invested at 4% I started with I=0.4x1/12=6800 then is it0.4 /12=6800/12 I am stuck
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
YOU HAVE THE WRONG FORMULA.
I=PR^T WHERE I=INTEREST, P=PRINCIPLE, R=ANNUAL % RATE, T=NUMBER OF YEARS.
I=6,800*.04^1
I=$272 IS THE INTEREST AT THE END OF 1 YEAR.
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