Question

Megan has $500 in a savings account that earns 5% interest per year. The interest is not

compounded. How much will she have in 1 year?
Use the formula i = prt, where i is the interest earned, p is the principal (starting amount),
is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

the answer will be 25 i = 5*.05*1

Answer 2

$525

Explanation:

using the formula given to find the amount after 1 year

i=500*.05*1

i=25

25+500=525