Question

Raymond has $800 in a savings account that earns 10% interest per year.The interest is not compounded. How Much Interest Will He Earn In 1 Year?
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.
thank you!!

Answer 1

The amount of interest he would earn in one (1) year is equal to $80.

Given the following data:

• Interest rate = 10% = 0.1

• Principal = $800

• Time = 1 year

To determine how much interest he would earn in one (1) year:

How to calculate simple interest

Mathematically, simple interest is given by this formula:

$I = PRT$

Where:

• S.I is the simple interest.

• P is the principal or starting amount.

• R is the interest rate.

• T is the time measured in years.

Substituting the given parameters into the formula, we have;

$I=800 \times 0.1 \times 1$

Simple interest = $80

Read more on simple interest here: brainly.com/question/24341207