How much interest is earned on $2,700 in one year if it is invested at 3%?
$8.10
$81.00
$810.00
On this part, you can use the formula for compound interest:
F = P(1+i)^n
F = future worth of $
P = present worth of $
i=interest
n=years
F = 2700(1+0.03)^1
F = 2781
So interest = 2781-2700 = $81
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Answer:
The interest is $ 81.00.
Step-by-step explanation:
∵ Interest formula for one year is,
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Where,
P = principal amount,
r = annual rate of interest,
Here, P = $ 2,700, r = 3%
Thus, the interest after 1 year would be,
\(A=\frac{2700\times 3}{100}\)
\(=\frac{8100}{100}\)
\(=\$ 81\)
Hence, SECOND option is correct.