SOLUTION: find the interest on $2700 that is invested at 4% for 2 1/2.

Algebra ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> SOLUTION: find the interest on $2700 that is invested at 4% for 2 1/2.       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com
Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

   

Question 287103: find the interest on $2700 that is invested at 4% for 2 1/2.

Answer by stanbon(57967) About Me  (Show Source):
You can put this solution on YOUR website!
find the interest on $2700 that is invested at 4% for 2 1/2 yrs.
------------------
What kind of interest? simple or compound?
If simple interest Interest = Prt = (2700)(0.04)(2.5) = $270
----------------
If compounded annually: Interest = (2700)(1+0.04)^2.5 - 2700
= 2700[(1.04)^2.5 - 1]
= 2700[0.1030]
= $278.15
===============================
Cheers,
Stan H.
===============================