Tyronehas$57,283inasavingsaccountthatearns13%annually.Theinterestisnotcompounded.Tothenearestcent,howmuchwillhehaveintotalin5years?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.Round your answer to the nearest cent.
Question
Tyronehas$57,283inasavingsaccountthatearns13%annually.Theinterestisnotcompounded.Tothenearestcent,howmuchwillhehaveintotalin5years?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.Round your answer to the nearest cent.
Solution
Sure, let's break this down step by step.
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First, we need to identify the values given in the problem. The principal (p) is $57,283. The interest rate (r) is 13% or 0.13 when expressed as a decimal. The time (t) is 5 years.
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Next, we use the formula for simple interest, which is i = prt. Substituting the given values into the formula, we get i = $57,283 * 0.13 * 5.
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Now, we just need to do the multiplication. 37,234.45. This is the amount of interest Tyrone will earn in 5 years.
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Finally, we add the interest to the original principal to find out how much Tyrone will have in total. 37,234.45 = $94,517.45.
So, to the nearest cent, Tyrone will have $94,517.45 in total in 5 years.
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