Camilla has $70 in a savings account. The interest rate is 10% per year and is not compounded. How much interest will she earn in 1 year? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$_____
Q. Camilla has $70 in a savings account. The interest rate is 10% per year and is not compounded. How much interest will she earn in 1 year? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$_____
Identify values: Step 1: Identify the principal amount, interest rate, and time.Principal p = $70,Interest rate r = 10% or 0.10 as a decimal,Time t = 1 year.
Calculate interest: Step 2: Use the interest formula i=prt to calculate the interest.Calculation: i=$70×0.10×1.
Find total interest: Step 3: Perform the multiplication to find the interest.i=($)70×0.10×1=($)7.