$4500 at an interest of 5% for 2 1/2 years
I = PRT
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To calculate the interest on $4500 at an interest rate of 5% for 2 1/2 years, you can use the simple interest formula:
Interest = Principal x Rate x Time
Given:
Principal (P) = $4500
Rate (R) = 5% or 0.05 as a decimal
Time (T) = 2.5 years
Substituting the given values into the formula:
Interest = $4500 x 0.05 x 2.5
Calculating further:
Interest = $1125
Therefore, the interest accrued on $4500 at an interest rate of 5% for 2 1/2 years is $1125.