Question

You invest $2700 in an account at 1.5% per year simple interest. The equation that represents this scenario is:

A(n) = 2700 + (n – 1)(0.015 • 2700)

How much will you have in the account in year 5? Round your answer to the nearest dollar.

Answer 1

put n = 5

A(5)= 2700+(5-1)*0.015*2700=