dan has $27,825 in a savings account that earns 4% interest per year. the interest is not compounded. how…

dan has $27,825 in a savings account that earns 4% interest per year. the interest is not compounded. how much will he 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.

dan has $27,825 in a savings account that earns 4% interest per year. the interest is not compounded. how much will he 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 $r = 4%=0.04$.

Step2: Identify principal and time

The principal $p = 27825$ and time $t = 2$ years.

Step3: Calculate interest

Using the formula $i=prt$, we have $i = 27825\times0.04\times2=27825\times0.08 = 2226$.

Step4: Calculate total amount

The total amount $A=p + i$. So $A=27825+2226=30051$.

Answer:

$30051$