Kinsley has $70 in a savings account that earns 10 % interest per year. The interest is not compounded. How much interest will she earn in 5 years? 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 Variables: question_prompt: How much interest will Kinsley earn in 5 years on her $70 savings account with 10% interest per year, not compounded? Use Formula: Step 1: Identify the principal (p), interest rate (r), and time (t). p = $70, r = 10%, t = 5 years. Convert the interest rate from a percentage to a decimal by dividing by 100: r = 10/100 = 0.10. Perform Calculation: Step 2: Use the formula i = prt to calculate the interest. i = 70 * 0.10 * 5. Step 3: Perform the calculation. i = 70 * 0.10 * 5 = $35.

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Math Problems

Grade 8

Simple interest

Full solution

Q. Kinsley has

\$70

in a savings account that earns

10\%

interest per year. The interest is not compounded. How much interest will she earn in

5

years?

\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 Variables: question_prompt: How much interest will Kinsley earn in $5$ years on her $\$70$ savings account with $10\%$ interest per year, not compounded?
Use Formula: Step $1$ : Identify the principal (p＂)), interest rate ($r＂)), and time (\(t＂)). \(\newlinep = \$\(70 ext{, } r = $10$ \% ext{, } t = $5$ ext{ years.}＂) $\newline$ Convert the interest rate from a percentage to a decimal by dividing by $100$ : r = \frac{\(10$}{$100$} = \(0. $10$ .＂)
Perform Calculation: Step $2$ : Use the formula $i = prt$ to calculate the interest. $\newline$ $i = 70 \times 0.10 \times 5$ .
Perform Calculation: Step $2$ : Use the formula $i = prt$ to calculate the interest. $\newline$ $i = 70 \times 0.10 \times 5$ . Step $3$ : Perform the calculation. $\newline$ $i = 70 \times 0.10 \times 5 = \$(35)$ .