Question

You deposit $2700 in an account that earns simple interest. After 12 months, the account earns $64.80 in interest, what is the annual interest rate to the nearest tenth of a percent

Answer 1

Answer:$4449.6.

Step-by-step explanation:

You deposit $2700 into a bank account paying 64.8% simple interest per year. You left the money in for 1 year. Find the interest earned and the amount at the end of those 1 year?

Result:

The interest is $1749.6 and the amount is $4449.6.

Explanation:

STEP 1: Find an interest by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $2700, i = 64.8% and t = 1 years, so

 

STEP 2: Find an amount by using the formula .A =P+I

Since P = $2700 and I = $1749.6 we have