Question

jonathan has $1,000 in a savings account. the interest rate is 5% per year and 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 values for p, r, t

p = 1000, r = 5% = 0.05, t = 1

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

\( i = 1000 \times 0.05 \times 1 \)
\( i = 50 \)

Step3: Calculate total amount (principal + interest)

Total = p + i = 1000 + 50 = 1050

Answer:

1050