angie has $44,042 in a savings account. the interest rate is 11% per year and is not compounded. use the…

angie has $44,042 in a savings account. the interest rate is 11% per year and is not compounded. 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. to the nearest cent, how much will she have in total in 5 years? round your answer to the nearest cent.

angie has $44,042 in a savings account. the interest rate is 11% per year and is not compounded. 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. to the nearest cent, how much will she have in total in 5 years? round your answer to the nearest cent.

Answer

Explanation:

Step1: Identify values

$p = 44042$, $r=0.11$, $t = 5$

Step2: Calculate interest

$i=prt=44042\times0.11\times5$ $i = 44042\times0.55$ $i=24223.1$

Step3: Calculate total amount

Total amount $=p + i=44042+24223.1 = 68265.1$

Answer:

$68265.10$