Edmond has $60 in a savings account. The interest rate is 5 % per year and is not compounded. How much interest will he 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) = $60, Interest rate (r) = 5% or 0.05 as a decimal, Time (t) = 1 year.Plug Values: Step 2: Plug the values into the formula to calculate the interest. i = prt i = $60 * 0.05 * 1Calculate Interest: Step 3: Perform the multiplication to find the interest. i = $3

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Edmond has $\$60$ in a savings account. The interest rate is $5\%$ per year and is not compounded. How much interest will he 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. $\newline$ $\$$ _____

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Q. Edmond has

\$60

in a savings account. The interest rate is

5\%

per year and is not compounded. How much interest will he 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 ( $p$ ) = $\$60$ , $\newline$ Interest rate ( $r$ ) = $5\%$ or $0.05$ as a decimal, $\newline$ Time ( $t$ ) = $1$ year.
Plug Values: Step $2$ : Plug the values into the formula to calculate the interest. $\newline$ $i = prt$ $\newline$ $i = (\$60) \times 0.05 \times 1$
Calculate Interest: Step $3$ : Perform the multiplication to find the interest. $i = \$3$