Question

amy has $52,269 in a savings account. the interest rate is 6% per year and is not compounded. to the nearest cen how much will she have in total in 8 months? 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: Convert time to years

8 months is $\frac{8}{12}$ years, which simplifies to $\frac{2}{3}$ years or approximately 0.6667 years.

Step2: Identify values for p, r, t

p = $52269, r = 6% = 0.06, t = $\frac{8}{12}$ = $\frac{2}{3}$

Step3: Calculate interest i using i = prt

$i = 52269 \times 0.06 \times \frac{8}{12}$
First, calculate 0.06 × $\frac{8}{12}$ = 0.04
Then, i = 52269 × 0.04 = 2090.76

Step4: Calculate total amount

Total amount = principal + interest = 52269 + 2090.76 = 54359.76

Answer:

$54359.76