Barry will earn $80 in interest in 1 year with a non-compounded annual interest rate of 10% on his $800 savings.
Step-by-step explanation:
To calculate the amount of interest Barry will earn in 1 year with a non-compounded annual interest rate of 10%, we can use the formula i = prt. Here, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
Given that Barry has $800 in his savings account and the interest rate is 10%, we can substitute the values into the formula:
i = 800 * 0.10 * 1
i = 80
Therefore, Barry will earn $80 in interest in 1 year.
The probable question can be:
Barry has $800 in a savings account with a non-compounded annual interest rate of 10%. 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, calculate how much interest Barry will earn in 1 year.