Question

Kate has $60 in a savings account that earns 5% annually. The interest is not compounded.
How much will she have in 1 year?
Use the formula i = prt, where i is the interest earned, p is the principal (starting amount),
is the interest rate expressed as a decimal, and t is the time in years.
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Answer 1

5% of $60 is 3, so she will earn $63 in a year.