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Hugo has in a savings account that earns annually. The interest is not compounded. How much will he have in total in years? Use the formula , where is the interest earned, is the principal (starting amount), is the interest rate expressed as a decimal, and is the time in years.
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Q. Hugo has in a savings account that earns annually. The interest is not compounded. How much will he have in total in years? Use the formula , where is the interest earned, is the principal (starting amount), is the interest rate expressed as a decimal, and is the time in years.
- Initial Information: Hugo's starting amount (principal) is \$\(30\) and the interest rate is \(10\%\) annually, which is \(0.10\) as a decimal. The time is \(3\) years.
- Calculate Interest: Using the formula \(i = prt\) to calculate the interest. \(i = (\$30) \times 0.10 \times 3\).
- Calculate Total: Multiplying those together, \(i = \$30 \times 0.30 = \$9\).
- Final Amount: Now, add the interest to the principal to find the total amount after \(3\) years. Total = \(\$30\) + \(\$9\).
- Final Amount: Now, add the interest to the principal to find the total amount after \(3\) years. Total = \(\$30 + \$9\). So, Hugo will have \(\$30 + \$9 = \$39\) in total after \(3\) years.
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