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Gwen has $40\$40 in a savings account that earns 5%5\% annually. The interest is not compounded. How much interest will she earn in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$____\_\_\_\_

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Q. Gwen has $40\$40 in a savings account that earns 5%5\% annually. The interest is not compounded. How much interest will she earn in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$____\_\_\_\_
  1. Convert to Decimal: Gwen has $40\$40 in her savings account and the interest rate is 5%5\% annually, which is not compounded. To find the interest earned in 55 years, we'll use the formula i=prti = prt.
  2. Plug Values into Formula: First, convert the interest rate from a percentage to a decimal by dividing by 100100. So, 5%5\% becomes 0.050.05.
  3. Calculate Interest: Now, plug the values into the formula: i=prti = prt. Here, p=$(40)p = \$(40), r=0.05r = 0.05, and t=5t = 5 years.
  4. Multiply Values: Calculate the interest: i=40×0.05×5i = 40 \times 0.05 \times 5.
  5. Multiply Values: Calculate the interest: i=40×0.05×5i = 40 \times 0.05 \times 5. Do the multiplication: i=40×0.25i = 40 \times 0.25.

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