Question

Hazelhas$100inasavingsaccountthatearns10%interestperyear.Theinterestisnotcompounded.Howmuchwillshehavein1year? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

Answer: See explanation

Explanation:

Interest = PRT

Principal = $100

Rate = 10%

Time = 1 year

Interest = PRT = (100 × 10% × 1)

= 100 × 0.1 × 1

Interest = $10

Amount = Principal + Interest

= $100 + $10

= $110