Question

turner has $100,000 in a savings account that earns 11% interest per year. the interest is not compounded. how much will he have in total in 3 years? 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 rate to decimal

$r = \frac{11}{100} = 0.11$

Step2: Calculate earned interest

$i = prt = 100000 \times 0.11 \times 3 = 33000$

Step3: Find total amount

$\text{Total} = p + i = 100000 + 33000$

Answer:

$133000$