Rodrigo has $20 in a savings account that earns 10% annually. The interest is not compounded. How much interest will he earn in 4 years? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$___
Q. Rodrigo has $20 in a savings account that earns 10% annually. The interest is not compounded. How much interest will he earn in 4 years? Use the formula i=prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$___
Identify principal: Question_prompt: How much interest will Rodrigo earn in 4 years on $20 at 10% annual interest, not compounded?
Convert interest rate: Step 1: Identify the principal p, which is the starting amount. Rodrigo has $20 in his savings account.
Determine time: Step 2: Convert the annual interest rate r to a decimal. 10% as a decimal is 0.10.
Use formula: Step 3: Determine the time t in years. Rodrigo will earn interest for 4 years.
Perform calculation: Step 4: Use the formula i=prt to calculate the interest. Plug in the values: i=($20)×0.10×4.
Perform calculation: Step 4: Use the formula i=prt to calculate the interest. Plug in the values: i=($)20×0.10×4. Step 5: Perform the calculation: i=($)20×0.10×4=($)20×0.4=($)8.