Question

Find the interest on $ 2,700 invested at 4 % for 2 years.

Answer 1

$\ 216$

1) We can use the following formula to find the Interest:

$I=Prt$

2) So, we can plug into the formula the given data:

$\begin{gathered} I=2700\cdot0.04\cdot2 \\ I=2700\cdot\frac{4}{100}\cdot2 \\ I=216 \end{gathered}$

So, the total interest in those 2 years is $216