Question

johnny has $90,000 in a savings account that earns 6% annually. the interest is not compounded. how much will he have in total in 4 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: Identify given values

$p = 90000$, $r = 0.06$, $t = 4$

Step2: Calculate earned interest

$I = prt = 90000 \times 0.06 \times 4$
$I = 90000 \times 0.24 = 21600$

Step3: Find total account value

$\text{Total} = p + I = 90000 + 21600$

Answer:

$111600$