Question

Correct answers only please!

Cora has $40 in a savings account that earns 10%
interest per year. The interest is not compounded. How much will she have in 5 years?

Use 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.

Answer 1

$60

Explanation:

Using the given formula :

I = P × R × t

I = 40 × 10/100 × 5

I = $20

His amount in 20 years = $40 + $20 = $60