Question

donald has $800 in a savings account that earns 8% 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

$p = 800$, $r = 0.08$, $t = 1$

Step2: Calculate earned interest

$i = prt = 800 \times 0.08 \times 1 = 64$

Step3: Find total account value

$\text{Total} = p + i = 800 + 64$

Answer:

$864$