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Ivan has $30\$30 in a savings account that earns 10%10\% annually. The interest is not compounded. How much will he have in total in 11 year? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$___

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Q. Ivan has $30\$30 in a savings account that earns 10%10\% annually. The interest is not compounded. How much will he have in total in 11 year? \newlineUse the formula i=prti = prt, where ii is the interest earned, pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years.\newline$\$___
  1. Convert to Decimal: Ivan's starting amount (principal) is $30\$30, and the annual interest rate is 10%10\%. To find the interest, convert the percentage to a decimal: 10%=0.1010\% = 0.10.
  2. Calculate Interest Formula: Use the formula i=prti = prt to calculate the interest earned in 11 year.\newlineHere, p=$30p = \$30, r=0.10r = 0.10, and t=1t = 1 year.\newlineSo, i=30×0.10×1i = 30 \times 0.10 \times 1.
  3. Calculate Interest: Calculate the interest: i=30×0.10×1=$(3)i = 30 \times 0.10 \times 1 = \$(3).
  4. Find Total Amount: Add the interest to the principal to find the total amount after 11 year.\newlineTotal amount = Principal + Interest\newlineTotal amount = $30\$30 + $3\$3.
  5. Calculate Total Amount: Calculate the total amount: Total amount = $30\$30 + $3\$3 = $33\$33.

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