Question

Use I = PRT to find the total amount in the savings account.

$1555.00 at 8% for 2 years
PLEASE HELP ASAP​

Answer 1

Explanation:

Principal=P=1555

Rate of Interest=I=8%=0.08

Time=t=2

Interest=I=PRT

➜1555×0.08×2

➜248.8

Savings=P+I

➜1555+248.8

➜1803.8

Answer 2

`\boxed {\boxed {\sf \$ 1803.80}}}`

Explanation:

We are using the formula I=PRT and calculating simple interest.

`I=PRT`

I is the interest, P is the principal or starting amount, R is the interest rate as a decimal, and T is the time in years.

We know that there is $1555.00 at 8% for 2 years. First, convert the interest rate to a decimal. Divide the rate by 100 or move the decimal place 2 spots to the left.

• 8/100 = 0.08
• 8. --> 0.8 --> 0.08

Now we know all the values:

• P= 1555.00
• R= 0.08
• T= 2

Substitute the values into the formula.

`I= (1555.00)(0.08)(2)`

Multiply.

`I=124.4(2)`

`I=248.8`

The account earned $248.80 in interest, but the question asks for the total amount in the account. We must add the interest to the starting amount.

`1555.00 +248.80`

`1803.8`

After 2 years, the savings account had $1803.80