Question

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

Answer 1

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)`

`=(5100*2.75*16)/(100*12)`
`=\text{ \$187}`

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