Martha has $20 in a savings account that earns 10 % interest per year. The interest is not compounded. How much interest will she 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. Martha starts with $20 in her savings account. The interest rate is 10%, which we convert to a decimal for calculation purposes, so 10% becomes 0.10. The time period is 1 year. Calculation: p = $20, r = 0.10, t = 1 Calculate Interest: Step 2: Use the formula i = prt to calculate the interest. Substitute the values into the formula: i = $20 * 0.10 * 1 Calculation: i = $20 * 0.10 * 1 = $2

Resources

Testimonials

Plans

Resources

Testimonials

Plans

AI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Martha has $\$20$ in a savings account that earns $10\%$ interest per year. The interest is not compounded. How much interest will she 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. Martha has

\$20

in a savings account that earns

10\%

interest per year. The interest is not compounded. How much interest will she 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. $\newline$ Martha starts with $\$20$ in her savings account. The interest rate is $10\%$ , which we convert to a decimal for calculation purposes, so $10\%$ becomes $0.10$ . The time period is $1$ year. $\newline$ Calculation: $p = \$20$ , $r = 0.10$ , $t = 1$
Calculate Interest: Step $2$ : Use the formula $i = prt$ to calculate the interest. $\newline$ Substitute the values into the formula: $i = (\$20) \times 0.10 \times 1$ $\newline$ Calculation: $i = (\$20) \times 0.10 \times 1 = (\$2)$