Question

nicole has $46,886 in a savings account that earns 3% interest per year. the interest is not compounded. how much interest will she 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.

Explanation:

Step1: Identify given values

$p = 46886$, $r = 0.03$, $t = 1$

Step2: Plug values into simple interest formula

$i = prt = 46886 \times 0.03 \times 1$

Step3: Calculate the interest

$i = 46886 \times 0.03 = 1406.58$

Answer:

$\$1406.58$