Question

How much interest is earned on $2,700 in one year if it is invested at 3%?

Answer 1

Answer:

The interest is $ 81.00.

Step-by-step explanation:

∵ Interest formula for one year is,

$I=\frac{P\times r}{100}$

Where,

P = principal amount,

r = annual rate of interest,

Here, P = $ 2,700, r = 3%

Thus, the interest after 1 year would be,

$A=\frac{2700\times 3}{100}$

$=\frac{8100}{100}$

$=\ 81$

Hence, SECOND option is correct.

Answer 2

On this part, you can use the formula for compound interest: 

F = P(1+i)^n 
F = future worth of $ 
P = present worth of $ 
i=interest 
n=years 

F = 2700(1+0.03)^1 
F = 2781 

So interest = 2781-2700 = $81 

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