Question

jaylen has $91,013 in a savings account. the interest rate is 1% 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 given values

$p = 91013$, $r = 0.01$, $t = 1$

Step2: Calculate earned interest

$I = prt = 91013 \times 0.01 \times 1$

Step3: Compute total amount

$\text{Total} = p + I = 91013 + 910.13$

Answer:

$91923.13$