Megan has $100 in a savings account. The interest rate is 5 % per year and is not compounded. How much interest will she earn 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. $_____

Identify principal amount: Identify the principal amount (p), which is the starting amount in the savings account. p = $100Convert interest rate: Convert the interest rate (r) from a percentage to a decimal. r = 5% = 0.05Identify time in years: Identify the time (t) in years that the interest will be earned. t = 3 yearsCalculate interest: Use the formula i = prt to calculate the interest (i). i = p * r * t i = $100 * 0.05 * 3Find interest: Perform the calculation to find the interest. i = $100 * 0.05 * 3 i = $15

Resources

Testimonials

Plans

Resources

Testimonials

Plans

AI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Megan has $\$100$ in a savings account. The interest rate is $5\%$ per year and is not compounded. How much interest will she earn in $3$ 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. $\newline$ $\$$ _____

View step-by-step help

Full solution

Q. Megan has

\$100

in a savings account. The interest rate is

5\%

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

3

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 principal amount: Identify the principal amount $p$ , which is the starting amount in the savings account. $p = \$100$
Convert interest rate: Convert the interest rate $r$ from a percentage to a decimal. $r = 5\% = 0.05$
Identify time in years: Identify the time $t$ in years that the interest will be earned. $t = 3$ years
Calculate interest: Use the formula $i = prt$ to calculate the interest ( $i$ ). $\newline$ $i = p \times r \times t$ $\newline$ $i = (\$100) \times 0.05 \times 3$
Find interest: Perform the calculation to find the interest. $\newline$ $i = (\$)100 \times 0.05 \times 3$ $\newline$ $i = (\$)15$