Marie has $900 in a savings account that earns 5 % annually. The interest is not compounded. How much will she 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: Step 1: Convert the annual interest rate from a percentage to a decimal. Calculation: 5% = 5/100 = 0.05Calculate interest: Step 2: Use the formula i = prt to calculate the interest earned in one year. Calculation: i = 900 * 0.05 * 1Find total amount: Step 3: Calculate the interest earned. Calculation: i = 900 * 0.05 * 1 = 45 Step 4: Add the interest earned to the principal to find the total amount in the account after one year. Calculation: Total = 900 + 45 = 945

Resources

Testimonials

Plans

Resources

Testimonials

Plans

AI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Marie has $\$900$ in a savings account that earns $5\%$ annually. The interest is not compounded. How much will she have in total 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. Marie has

\$900

in a savings account that earns

5\%

annually. The interest is not compounded. How much will she have in total 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

\$

\_\_\_\_

Convert to decimal: Step $1$ : Convert the annual interest rate from a percentage to a decimal. $\newline$ Calculation: $5\% = \frac{5}{100} = 0.05$
Calculate interest: Step $2$ : Use the formula $i = prt$ to calculate the interest earned in one year. $\newline$ Calculation: $i = 900 \times 0.05 \times 1$
Find total amount: Step $3$ : Calculate the interest earned. $\newline$ Calculation: $i = 900 \times 0.05 \times 1 = 45$
Find total amount: Step $3$ : Calculate the interest earned. $\newline$ Calculation: $i = 900 \times 0.05 \times 1 = 45$ Step $4$ : Add the interest earned to the principal to find the total amount in the account after one year. $\newline$ Calculation: $\text{Total} = 900 + 45 = 945$