Answer:
$55.00
Step-by-step explanation:
r is the interest rate, 10% per year, or in decimal form, 10/100=0.1.
t is the time involved, 1....year(s) time periods.
So, t is 1....year time periods.
To find the simple interest, we multiply 50 × 0.1 × 1 to get that:
The interest is: $5.00
Usually now, the interest is added onto the principal to figure some new amount after 1 year(s),
or 50.00 + 5.00 = 55.00. For example:
If you borrowed the $50.00, you would now owe $55.00
If you loaned someone $50.00, you would now be due $55.00
If owned something, like a $50.00 bond, it would be worth $55.00 now.
