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Darnel has $50\$50 in a savings account that earns 5%5\% annually. The interest is not compounded. How much interest will he earn in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____\_\_\_\_\_

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Q. Darnel has $50\$50 in a savings account that earns 5%5\% annually. The interest is not compounded. How much interest will he earn in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____\_\_\_\_\_
  1. Principal Amount: Darnel's principal amount pp is $50\$50.
  2. Annual Interest Rate: The annual interest rate rr is 5%5\%, which as a decimal is 0.050.05.
  3. Time: The time tt is 55 years.
  4. Calculate Interest: Now we use the formula i=prti = prt to calculate the interest. So, i=$(50)0.055i = \$(50) * 0.05 * 5.
  5. Multiplication: Doing the multiplication, i=$2.5×5i = \$2.5 \times 5.
  6. Final Interest: Finally, i=$12.5i = \$12.5.

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