Question

Emily has $300 in a savings account that earns 10% interest per year. The interest is not

compounded. How much interest will she earn in 1 year?
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

Using 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, we can calculate the interest earned by Emily in 1 year as follows:

i = prt

i = 300 x 0.10 x 1

i = 30

Therefore, Emily will earn $30 in interest in 1 year.