Bytelearn - cat image with glassesAI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Tara has $40\$40 in a savings account. The interest rate is 10%10\% per year and is not compounded. How much will she have in total in 11 year? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$___

Full solution

Q. Tara has $40\$40 in a savings account. The interest rate is 10%10\% per year and is not compounded. How much will she have in total in 11 year? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$___
  1. Principal Amount: Tara's starting amount (principal) is $40\$40.
  2. Interest Rate: The interest rate is 10%10\%, which as a decimal is 0.100.10.
  3. Time: The time is 11 year.
  4. Calculate Interest: Use the formula i=prti = prt to calculate the interest. So, i=($40)×0.10×1i = (\$40) \times 0.10 \times 1.
  5. Calculate Total Amount: Calculating the interest, i=($40)×0.10×1=($4)i = (\$40) \times 0.10 \times 1 = (\$4).
  6. Calculate Total Amount: Calculating the interest, i=$40×0.10×1=$4i = \$40 \times 0.10 \times 1 = \$4. Add the interest to the principal to find the total amount. So, total = $40+$4\$40 + \$4.
  7. Calculate Total Amount: Calculating the interest, i=$40×0.10×1=$4i = \$40 \times 0.10 \times 1 = \$4. Add the interest to the principal to find the total amount. So, total = $40+$4\$40 + \$4. Calculating the total, total = $40+$4=$44\$40 + \$4 = \$44.

More problems from Simple interest