Jaden has $60 in a savings account that earns 10 % interest per year. The interest 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 Details: Step 1: Identify the principal amount, interest rate, and time. Jaden starts with $60 in his savings account. The interest rate is 10% per year, and the time period is 1 year. Convert the interest rate from a percentage to a decimal by dividing by 100: 10% ÷ 100 = 0.1.Calculate Interest: Step 2: Use the formula i = prt to calculate the interest. Plug in the values: i = $60 × 0.1 × 1.Find Total Interest: Step 3: Perform the multiplication to find the interest. i = $60 × 0.1 × 1 = $6.

Resources

Testimonials

Plans

Resources

Testimonials

Plans

AI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Jaden has $\$60$ in a savings account that earns $10\%$ interest per year. The interest 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. $\newline$ $\$$ ___

View step-by-step help

Full solution

Q. Jaden has

\$60

in a savings account that earns

10\%

interest per year. The interest 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 Details: Step $1$ : Identify the principal amount, interest rate, and time. $\newline$ Jaden starts with $\$60$ in his savings account. The interest rate is $10\%$ per year, and the time period is $1$ year. $\newline$ Convert the interest rate from a percentage to a decimal by dividing by $100$ : $10\% \div 100 = 0.1$ .
Calculate Interest: Step $2$ : Use the formula $i = prt$ to calculate the interest. $\newline$ Plug in the values: $i = (\$60) \times 0.1 \times 1$ .
Find Total Interest: Step $3$ : Perform the multiplication to find the interest. $\newline$ $i = \$60 \times 0.1 \times 1 = \$6$ .