Barry has $90 in a savings account that earns 10% annually. The interest is not compounded. How much interest will he earn in 2 years? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$_____
Q. Barry has $90 in a savings account that earns 10% annually. The interest is not compounded. How much interest will he earn in 2 years? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$_____
Convert to decimal: First, let's convert the interest rate from a percentage to a decimal.10% as a decimal is 0.10.
Use formula: Now, we'll use the formula i=prt to calculate the interest.Here, p=$(90), r=0.10, and t=2 years.
Calculate interest: Plugging the values into the formula gives us:i=90×0.10×2
Perform multiplication: Now, let's do the multiplication to find the interest.i = 90×0.20i = $18