Perry has $100 in a savings account that earns 10 % annually. The interest is not compounded. How much interest will he 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 values: Step 1: Identify the values needed to calculate the interest. Principal (p) = $100 Interest rate (r) = 10% or 0.10 as a decimal Time (t) = 1 yearApply formula: Step 2: Apply the formula i = prt to calculate the interest. i = $100 * 0.10 * 1Perform multiplication: Step 3: Perform the multiplication to find the interest. i = $10

Resources

Testimonials

Plans

Resources

Testimonials

Plans

AI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Perry has $\$100$ in a savings account that earns $10\%$ annually. The interest is not compounded. How much interest will he 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. Perry has

\$100

in a savings account that earns

10\%

annually. The interest is not compounded. How much interest will he 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 values: Step $1$ : Identify the values needed to calculate the interest. $\newline$ Principal $p$ = $\$100$ $\newline$ Interest rate $r$ = $10\%$ or $0.10$ as a decimal $\newline$ Time $t$ = $1$ year
Apply formula: Step $2$ : Apply the formula $i = prt$ to calculate the interest. $\newline$ $i = (\$100) \times 0.10 \times 1$
Perform multiplication: Step $3$ : Perform the multiplication to find the interest. $i = \$10$