Question

annie has $30,000 in a savings account that earns 3% annually. the interest is not compounded. how much will she have in total in 2 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

$p = 30000$, $r = 0.03$, $t = 2$

Step2: Calculate earned interest

$I = prt = 30000 \times 0.03 \times 2$

Step3: Compute total account value

$\text{Total} = p + I$

Answer:

$31800$