Question

jack has $600 in a savings account. the interest rate is 1% per year and is not compounded. how much will he have in total in 5 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 values for p, r, t

p = 600, r = 1% = 0.01, t = 5

Step2: Calculate interest (i) using \( i = prt \)

\( i = 600 \times 0.01 \times 5 \)
\( i = 30 \)

Step3: Calculate total amount

Total = p + i = 600 + 30 = 630

Answer:

630