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Raymond has $800 in a savings account that earns 10% interest per year.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.
thank you!!

Respuesta :

Lanuel

The amount of interest he would earn in one (1) year is equal to $80.

Given the following data:

  • Interest rate = 10% = 0.1
  • Principal = $800
  • Time = 1 year

To determine how much interest he would earn in one (1) year:

How to calculate simple interest

Mathematically, simple interest is given by this formula:

[tex]I = PRT[/tex]

Where:

  • S.I is the simple interest.
  • P is the principal or starting amount.
  • R is the interest rate.
  • T is the time measured in years.

Substituting the given parameters into the formula, we have;

[tex]I=800 \times 0.1 \times 1[/tex]

Simple interest = $80

Read more on simple interest here: https://brainly.com/question/24341207

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