Question

Bob has $600 in a savings account that earns' 5% annually. The interest is not compounded

How much interest will he earn in 1 year?

Use the formula /= 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

30

Explanation:

You would frist start by mutiplying 600 you principal by .05 your rate which equals 30. The you would multiply that by you time which is 1.

Answer 2

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$600\\ r=rate\to 5\%\to (5)/(100)\dotfill &0.05\\ t=years\dotfill &1 \end{cases} \\\\\\ I = (600)(0.05)(1)\implies I=30`