Answer:
$3,078.00
Explanation:
A = $3,078.00
(I = A - P = $378.00)
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 7%/100 = 0.07 per year.
Solving our equation:
A = 2700(1 + (0.07 × 2)) = 3078
A = $3,078.00
The total amount accrued, principal plus interest, from simple interest on a principal of $2,700.00 at a rate of 7% per year for 2 years is $3,078.00.