Question

Joe has $70 in a savings account. The interest rate is 10% per year and is not compounded,
How much interest will he earn in 4 years?
Use the formula i = prt, where / 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.

Answer 1

Answer:

$28

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 10%/100 = 0.1 per year,

then, solving our equation

I = 70 × 0.1 × 4 = 28

I = $ 28.00

The simple interest accumulated

on a principal of $ 70.00

at a rate of 10% per year

for 4 years is $ 28.00.