Taylor wants to figure out how much interest she will earn if she keeps $500 in her savings account for 2 years at a simple annu
al interest rate of 3%. She has already entered the principal and time into the I = Prt formula, but isn’t sure how to enter the interest rate. Fill it in for her.
Given : Taylor wants to figure out how much interest she will earn if she keeps $500 in her savings account for 2 years at a simple annual interest rate of 3%.
Initial amount : P= $500 , r= 3%= 0.03 and t=2 years
Using formula to calculate interest :, where P is initial mount ,r is rate of interest ( in decimal ) and t is time ( in years).
After subtracting the $60 base fee, you can just divide the hours paid for by the hourly wage and find out how many hours were worked. Hope this helps!
