How much to the nearest penny will we have if he uses this investment? Round to the nearest cent if needed

Alcorn asked Mar 28, 2023

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Alcorn asked Mar 28, 2023

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15 votes

Given:

Principal P (Initial amount) =$5100

Rate(R)= 2.75

Time(t) = 16 months = 16/12 ( In years)

We can proceed to calculate the interest using the formula below:

$S\mathrm{}I=(P* R* T)/(100)$
=(5100*2.75*(16)/(12))/(100)

$=\text{ \$187}$

The amount he has for the investement = 5100 + 187 = $5287

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