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Megan has $100\$100 in a savings account. The interest rate is 5%5\% per year and is not compounded. How much interest will she earn in 33 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____

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Q. Megan has $100\$100 in a savings account. The interest rate is 5%5\% per year and is not compounded. How much interest will she earn in 33 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____
  1. Identify principal amount: Identify the principal amount pp, which is the starting amount in the savings account. p=$100p = \$100
  2. Convert interest rate: Convert the interest rate rr from a percentage to a decimal.r=5%=0.05r = 5\% = 0.05
  3. Identify time in years: Identify the time tt in years that the interest will be earned.t=3t = 3 years
  4. Calculate interest: Use the formula i=prti = prt to calculate the interest (ii).\newlinei=p×r×ti = p \times r \times t\newlinei=($100)×0.05×3i = (\$100) \times 0.05 \times 3
  5. Find interest: Perform the calculation to find the interest.\newlinei=($)100×0.05×3i = (\$)100 \times 0.05 \times 3\newlinei=($)15i = (\$)15

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