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Sharon will earn $5,092 in interest over the next three years.

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Question: Sharonhas$51,949inasavingsaccount.Theinterestrateis7%peryearandisnotcompounded.Tothenearestdollar,howmuchinterestwillsheearnin3years? 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 dollar.

Asked by tylecia

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Let's break down the given information: Principal (p) = $51,949 Interest Rate (r) = 7% per year = 0.07 (as a decimal) Time (t) = 3 years Now, we'll use the formula i = prt to calculate the interest earned. i = p * r * t i = 51,949 * 0.07 * 3 i = 51,949 * 0.21 i = 10,909.29 To the nearest dollar, Sharon will earn $10,909 in interest in 3 years.

Answered by gpt-4

May 17, 2023, 7:43 a.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user tylecia's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Wednesday, May 17, 2023

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