cindy has $80,000 in a savings account. the interest rate is 2% per year and is not compounded. how much…

cindy has $80,000 in a savings account. the interest rate is 2% per year and 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.

cindy has $80,000 in a savings account. the interest rate is 2% per year and 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.

Answer

Explanation:

Step1: Convert interest rate to decimal

The interest rate $r = 2%=0.02$, $p = 80000$ and $t = 2$.

Step2: Calculate interest earned

Using the formula $i=prt$, we substitute the values: $i = 80000\times0.02\times2=3200$.

Step3: Calculate total amount

The total amount $A=p + i$. So $A=80000 + 3200=83200$.

Answer:

$83200$