Step-by-step explanation:
You want to calculate the interest on $2730 at 4.2% interest per year after 5,000 year(s).
The formula we'll use for this is the simple interest formula, or:
Where:P is the principal amount, $2730.00.
r is the interest rate, 4.2% per year, or in decimal form, 4.2/100=0.042.
t is the time involved, 5....year(s) time periods.
So, t is 5....year time periods.
To find the simple interest, we multiply 2730 × 0.042 × 5 to get that:
The interest is: $573.30
