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Fernando has $70\$70 in a savings account that earns 10%10\% annually. The interest is not compounded. How much interest will he earn in 11 year? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____

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Q. Fernando has $70\$70 in a savings account that earns 10%10\% annually. The interest is not compounded. How much interest will he earn in 11 year? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$_____
  1. Identify values: Step 11: Identify the values needed to calculate the interest.\newlinePrincipal pp = $70\$70,\newlineInterest rate rr = 10%10\% or 0.100.10 as a decimal,\newlineTime tt = 11 year.
  2. Use formula: Step 22: Use the formula i=prti = prt to calculate the interest.\newlinei=($70)0.101i = (\$70) * 0.10 * 1
  3. Perform multiplication: Step 33: Perform the multiplication to find the interest. i=$7i = \$7

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