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Nate has $40\$40 in a savings account that earns 10%10\% annually. The interest is not compounded. How much will he have in total in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$____\_\_\_\_

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Q. Nate has $40\$40 in a savings account that earns 10%10\% annually. The interest is not compounded. How much will he have in total in 55 years? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$____\_\_\_\_
  1. Identify variables: Identify the principal pp, interest rate rr, and time tt.\newlinePrincipal pp = $40\$40\newlineInterest rate rr = %10 or 0.100.10 as a decimal\newlineTime tt = $5 years
  2. Calculate interest: Use the formula i=prti = prt to calculate the interest earned after 55 years.\newlinei=p×r×ti = p \times r \times t\newlinei=40×0.10×5i = 40 \times 0.10 \times 5
  3. Perform calculation: Perform the calculation from Step 22.\newlinei = 40×0.10×540 \times 0.10 \times 5\newlinei = 40×0.540 \times 0.5\newlinei = $20\$20
  4. Find total amount: Add the interest earned to the principal to find the total amount in the savings account after 55 years.\newlineTotal amount = Principal + Interest\newlineTotal amount = 40+2040 + 20\newlineTotal amount = $60\$60

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