Abigail has $30 in a savings account. The interest rate is 10 % per year and is not compounded. How much interest will she earn in 1 year? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years. $_____

Identify Values: Step 1: Identify the values needed for the formula i = prt. Principal (p) = $30, Interest rate (r) = 10% or 0.10 as a decimal, Time (t) = 1 year.Plug Values: Step 2: Plug the values into the formula to calculate the interest. i = prt i = $30 * 0.10 * 1Calculate Interest: Step 3: Perform the multiplication to find the interest. i = $3

Resources

Testimonials

Plans

Resources

Testimonials

Plans

AI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Abigail has $\$30$ in a savings account. The interest rate is $10\%$ per year and is not compounded. How much interest will she earn in $1$ year? $\newline$ Use the formula $i = prt$ , where $i$ is the interest earned, $p$ is the principal (starting amount), $r$ is the interest rate expressed as a decimal, and $t$ is the time in years. $\newline$ $\$$ _____

View step-by-step help

Full solution

Q. Abigail has

\$30

in a savings account. The interest rate is

10\%

per year and is not compounded. How much interest will she earn in

1

year?

\newline

Use the formula

i = prt

, where

i

is the interest earned,

p

is the principal (starting amount),

r

is the interest rate expressed as a decimal, and

t

is the time in years.

\newline

\$

_____

Identify Values: Step $1$ : Identify the values needed for the formula $i = prt$ . $\newline$ Principal ( $p$ ) = $\$30$ , $\newline$ Interest rate ( $r$ ) = $10\%$ or $0.10$ as a decimal, $\newline$ Time ( $t$ ) = $1$ year.
Plug Values: Step $2$ : Plug the values into the formula to calculate the interest. $\newline$ $i = prt$ $\newline$ $i = (\$30) \times 0.10 \times 1$
Calculate Interest: Step $3$ : Perform the multiplication to find the interest. $i = \$3$