A person invests $2,730 in an account that earns 4.2% annual interest. Find when the value of the investment reaches $5,000. If necessary, round to the nearest tenth.

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, 5year(s) time periods.

So, t is 5year time periods.

To find the simple interest, we multiply 2730 × 0.042 × 5 to get that:

The interest is: $573.30

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step-by-step explanation:

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