Question

hector has $80,000 in a savings account that earns 11% annually. the interest is not compounded. how much will he have in total 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.

Explanation:

Step1: Identify given values

$p = 80000$, $r = 0.11$, $t = 1$

Step2: Calculate earned interest

$I = prt = 80000 \times 0.11 \times 1 = 8800$

Step3: Find total account value

$\text{Total} = p + I = 80000 + 8800$

Answer:

88800