Question

Sean has $900 in a savings account that earns 5% annually. The interest is notcompounded. How much will he have in 1 year?Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), ris the interest rate expressed as a decimal, and t is the time in years.Submit

Answer 1

Answer:

The interest after one year is $45

Explanation:

Principal = $900

Rate = 5%

Time = 1 year

I = P x R x T / 100

I = 900 x 5 x 1 / 100

I = 4500/100

I = $45

Therefore, the interest after one year is $45