Luther has $80 in a savings account. The interest rate is 10% per year and is not compounded. How much will he have in total in 3 years? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$___
Q. Luther has $80 in a savings account. The interest rate is 10% per year and is not compounded. How much will he have in total in 3 years? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$___
Convert to decimal: Convert the interest rate from a percentage to a decimal.10%=0.10
Calculate interest earned: Use the formula i=prt to calculate the interest earned after 3 years.i=($)80×0.10×3i=($)24
Find total amount: Add the interest earned to the principal to find the total amount.Total amount = Principal + InterestTotal amount = $80 + $24Total amount = $104