Question

Kala's parents give her simple interest on any money she saves for college. Which equation and solution represents the total interest, T, earned when the principal amount is $100, the

annual simple interest rate is 1%, and the number of years is 10

Answer 1

P = 100
R = 1%
T = 10

Substitute
P = 100
R= 1%
T =10
into formula
I=Prt
I = 100rt

Calculate:
10*100 divided by 100
=
10

Answer 2

The interest earned is $10.00

Explanation:

Interest = principal x rate x time

I= 100(.01)(10)

I = 10