Bytelearn - cat image with glassesAI tutor

Welcome to Bytelearn!

Let’s check out your problem:

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

Full solution

Q. Kinsley has $70\$70 in a savings account that earns 10%10\% interest per year. The interest is not compounded. How much interest will she earn in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____\_\_\_\_\_
  1. Identify Variables: question_prompt: How much interest will Kinsley earn in 55 years on her $70\$70 savings account with 10%10\% interest per year, not compounded?
  2. Use Formula: Step 11: Identify the principal (p")), interest rate (\(r")), and time (\(t")). \(\newlinep = \$\(70 ext{, } r = 1010\% ext{, } t = 55 ext{ years.}") \newlineConvert the interest rate from a percentage to a decimal by dividing by 100100: r = \frac{\(10\)}{\(100\)} = \(0.1010.")
  3. Perform Calculation: Step 22: Use the formula i=prti = prt to calculate the interest. \newlinei=70×0.10×5i = 70 \times 0.10 \times 5.
  4. Perform Calculation: Step 22: Use the formula i=prti = prt to calculate the interest. \newlinei=70×0.10×5i = 70 \times 0.10 \times 5. Step 33: Perform the calculation. \newlinei=70×0.10×5=$(35)i = 70 \times 0.10 \times 5 = \$(35).

More problems from Simple interest