Question

1900 at 5.9% for 2 3/4 years

Answer 1

To calculate the amount of interest earned on a principal of $1,900 at an interest rate of 5.9% for \(2 \frac{3}{4}\) years, we can use the formula for simple interest:

\[
I = P \times r \times t
\]

Where:
- \(I\) is the interest,
- \(P\) is the principal amount ($1,900),
- \(r\) is the annual interest rate (5.9% = 0.059 as a decimal),
- \(t\) is the time in years (2.75 years).

Now, plug in the values:

1. Convert the interest rate:
\[
r = 5.9\% = 0.059
\]

2. Time \(t\):
\[
t = 2 \frac{3}{4} = 2.75 \text{ years}
\]

3. Use the formula:
\[
I = 1900 \times 0.059 \times 2.75
\]

4. Calculate the interest:
\[
I = 1900 \times 0.059 = 112.1
\]
\[
I = 112.1 \times 2.75 = 308.275
\]

Therefore, the interest earned on $1,900 at 5.9% for \(2 \frac{3}{4}\) years is approximately **$308.28**.

Finally, if you want to find the total amount after the interest is applied:

\[
\text{Total Amount} = P + I
\]
\[
\text{Total Amount} = 1900 + 308.28 = 2208.28
\]

So the total amount after \(2 \frac{3}{4}\) years would be approximately **$2,208.28**.