Oliver has ₹60 in a savings account that earns 10% interest per year. The interest is not compounded. How much interest will he earn in 4 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 values: Identify the principal amount, interest rate, and time. Principal (p) = ₹60 Interest rate (r) = 10% per year Time (t) = 4 years Convert the interest rate from a percentage to a decimal for the calculation. r = 10% = 10/100 = 0.10Convert interest rate: Use the formula i = prt to calculate the interest. i = p * r * t i = 60 * 0.10 * 4Calculate interest: Perform the multiplication to find the interest. i = 60 * 0.10 * 4 i = 60 * 0.4 i = ₹24

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Oliver has $\text{₹}60$ in a savings account that earns $10\%$ interest per year. The interest is not compounded. How much interest will he earn in $4$ 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.

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Q. Oliver has

\text{₹}60

in a savings account that earns

10\%

interest per year. The interest is not compounded. How much interest will he earn in

4

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.

Identify values: Identify the principal amount, interest rate, and time. $\newline$ Principal $p$ = ₹ $60$ $\newline$ Interest rate $r$ = $10\%$ per year $\newline$ Time $t$ = $4$ years $\newline$ Convert the interest rate from a percentage to a decimal for the calculation. $\newline$ $r = 10\% = \frac{10}{100} = 0.10$
Convert interest rate: Use the formula $i = prt$ to calculate the interest. $\newline$ $i = p \times r \times t$ $\newline$ $i = 60 \times 0.10 \times 4$
Calculate interest: Perform the multiplication to find the interest. $\newline$ $i = 60 \times 0.10 \times 4$ $\newline$ $i = 60 \times 0.4$ $\newline$ $i = \text{₹}24$