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Rapunzel opens a savings account with
$900 that earns
9.2% interest per year, not compounded.
How much interest, to the nearest penny, will Rapunzel earn in 9 years?

Rapunzel opens a savings account with $\$ 900$ that earns $9.2 \%$ interest per year, not compounded. $\newline$ How much interest, to the nearest penny, will Rapunzel earn in $9$ years?

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Exponential growth and decay: word problems

Full solution

Q. Rapunzel opens a savings account with

\$ 900

that earns

9.2 \%

interest per year, not compounded.

\newline

How much interest, to the nearest penny, will Rapunzel earn in

9

years?

Calculate annual interest: Calculate the annual interest: Interest per year = Principal amount $\times$ Interest rate. $\$900 \times 9.2\% = \$900 \times 0.092$ .
Find total interest: Find the total interest for $9$ years: Total interest = Annual interest * Number of years. $\$82.8 \times 9 = \$745.2$ .
Round total interest: Round the total interest to the nearest penny: $\$745.2$ is already to the nearest penny.

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