Question

A decimal, and t is the time in years.

1) Emily has $50 in a savings account. The interest rate is 5% per year and is not compounded.
How much will she have in 1 year?

Answer 1

She will save $52.5 per year.

Answer 2

52.50$

Given:

⇒ Emily has 50% in a savings account currently.

⇒ Interest rate is 5% per year and is not compounded

To find:

⇒ How much she will have in 1 year

__

steps

⇒
`5\text{percent} *50`

⇒
`=(5)/(100) *50`

⇒
`=(100)/((5*50))`

⇒
`= (250)/(100)`

⇒
`=2.5`

Now that we have calculated her interest rate per year, we must calculate that added onto her balance in her account before the interest was applied.

⇒
`2.5+50\`

⇒
`52.50\`

Therefore, Emily will have 52 dollars and 50 cents in a year.