Nate has $40 in a savings account that earns 10 % annually. The interest is not compounded. How much will he have in total 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: Identify the principal (p), interest rate (r), and time (t). Principal (p) = $40 Interest rate (r) = 10% or 0.10 as a decimal Time (t) = 5 yearsCalculate interest: Use the formula i = prt to calculate the interest earned after 5 years. i = p * r * t i = 40 * 0.10 * 5Perform calculation: Perform the calculation from Step 2. i = 40 * 0.10 * 5 i = 40 * 0.5 i = $20Find total amount: Add the interest earned to the principal to find the total amount in the savings account after 5 years. Total amount = Principal + Interest Total amount = 40 + 20 Total amount = $60

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Nate has $\$40$ in a savings account that earns $10\%$ annually. The interest is not compounded. How much will he have in total 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. $\newline$ $\$$ $\_\_\_\_$

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Q. Nate has

\$40

in a savings account that earns

10\%

annually. The interest is not compounded. How much will he have in total 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: Identify the principal $p$ , interest rate $r$ , and time $t$ . $\newline$ Principal $p$ = $\$40$ $\newline$ Interest rate $r$ = $%10$ or $0.10$ as a decimal $\newline$ Time $t$ = $5 years
Calculate interest: Use the formula $i = prt$ to calculate the interest earned after $5$ years. $\newline$ $i = p \times r \times t$ $\newline$ $i = 40 \times 0.10 \times 5$
Perform calculation: Perform the calculation from Step $2$ . $\newline$ i = $40 \times 0.10 \times 5$ $\newline$ i = $40 \times 0.5$ $\newline$ i = $\$20$
Find total amount: Add the interest earned to the principal to find the total amount in the savings account after $5$ years. $\newline$ Total amount = Principal + Interest $\newline$ Total amount = $40 + 20$ $\newline$ Total amount = $\$60$