Question

myra has $30,000 in a savings account that earns 15% 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

$p = 30000$, $r = 0.15$, $t = 1$

Step2: Plug values into formula

$i = prt = 30000 \times 0.15 \times 1$

Step3: Calculate the interest

$i = 4500$

Answer:

$\$4500$