Ivan has $30 in a savings account that earns 10% annually. The interest is not compounded. How much will he have in total in 1 year? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$___
Q. Ivan has $30 in a savings account that earns 10% annually. The interest is not compounded. How much will he have in total in 1 year? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$___
Convert to Decimal: Ivan's starting amount (principal) is $30, and the annual interest rate is 10%. To find the interest, convert the percentage to a decimal: 10%=0.10.
Calculate Interest Formula: Use the formula i=prt to calculate the interest earned in 1 year.Here, p=$30, r=0.10, and t=1 year.So, i=30×0.10×1.
Calculate Interest: Calculate the interest: i=30×0.10×1=$(3).
Find Total Amount: Add the interest to the principal to find the total amount after 1 year.Total amount = Principal + InterestTotal amount = $30 + $3.
Calculate Total Amount: Calculate the total amount: Total amount = $30 + $3 = $33.