Question

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

Answer 1

81$ a year

2700+3% =2781

Answer 2

Interest would be $81.00.

Explanation:

To find out the interest earned on $2,700 in one year if it is invested at 3%.

We use the formula to get interest :

I = Prt

Where P = principal amount ( $2,700 )

r = rate of interest 3% in decimal ( 0.03)

t = time (1 year)

Now put the values in formula

I = 2,700 × 0.03 × 1

I = $81.00

The earned interest is $81.00 on 2,700 in one year.