Zachary has $40 in a savings account. The interest rate is 5 % per year and 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: Identify the values needed for the formula i = prt. Principal (p) = $40, Interest rate (r) = 5% (which needs to be converted to a decimal), Time (t) = 1 year.Convert Interest Rate: Convert the interest rate from a percentage to a decimal. 5% as a decimal = 5 / 100 = 0.05.Substitute Values: Substitute the values into the formula to calculate the interest. i = prt, i = $40 * 0.05 * 1.Perform Multiplication: Perform the multiplication to find the interest. i = $40 * 0.05 * 1 = $2.

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Zachary has $\$40$ in a savings account. The interest rate is $5\%$ per year and 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. $\newline$ $\$$ $\_\_\_\_$

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Q. Zachary has

\$40

in a savings account. The interest rate is

5\%

per year and 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: Identify the values needed for the formula $i = prt$ . $\newline$ Principal ( $p$ ) = $\$40$ , $\newline$ Interest rate ( $r$ ) = $5\%$ (which needs to be converted to a decimal), $\newline$ Time ( $t$ ) = $1$ year.
Convert Interest Rate: Convert the interest rate from a percentage to a decimal. $\newline$ $5\%$ as a decimal = $\frac{5}{100}$ = $0.05$ .
Substitute Values: Substitute the values into the formula to calculate the interest. $\newline$ $i = prt$ , $\newline$ $i = (\$40) \times 0.05 \times 1$ .
Perform Multiplication: Perform the multiplication to find the interest. $\newline$ $i = (\$)40 \times 0.05 \times 1 = (\$)2$ .