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Henry has $70\$70 in a savings account that earns 10%10\% interest per year. The interest is not compounded. How much interest will he earn in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____

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Q. Henry has $70\$70 in a savings account that earns 10%10\% interest per year. The interest is not compounded. How much interest will he earn in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____
  1. Calculate Interest Rate: Henry's got $70\$70 in the bank, and it's earning 10%10\% interest each year, not compounded. So, we gotta figure out the interest after 55 years.
  2. Convert Interest Rate to Decimal: First, let's convert that 10%10\% interest rate to a decimal. So, 10%10\% is like 10100\frac{10}{100}, which is 0.100.10.
  3. Use Interest Formula: Now, we use the formula i=prti = prt to find the interest. We plug in p=$70p = \$70, r=0.10r = 0.10, and t=5t = 5 years.
  4. Calculate Interest: Let's do the math: i=70×0.10×5i = 70 \times 0.10 \times 5.
  5. Final Interest Calculation: So, i=$35i = \$35. That's the interest Henry will earn in 55 years.

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