Answer:
After 10 years, Perry would have earned $130.96 in interest, and the total amount in the account would be $1070.96.
Step-by-step explanation:
Determine the principal amount: The amount deposited into the savings account is $940.
Determine the interest rate: The interest rate is 1.4%, which can be expressed as a decimal by dividing by 100: 0.014.
Determine the time: The time period is 10 years.
Calculate the interest: Using the formula for simple interest:
Interest = Principal x Rate x Time
Plug in the values we have determined:
Interest = $940 x 0.014 x 10 = $130.96
Calculate the total amount in the account: The total amount in the account is the sum of the principal and the interest earned:
Total = Principal + Interest = $940 + $130.96 = $1070.96
So, after 10 years, Perry would have earned $130.96 in interest, and the total amount in the account would be $1070.96.