doug has $59,475 in a savings account that earns 10% interest per year. the interest is not compounded. how…

doug has $59,475 in a savings account that earns 10% interest per year. the interest is not compounded. how much will he have in total in 4 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.

doug has $59,475 in a savings account that earns 10% interest per year. the interest is not compounded. how much will he have in total in 4 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 $r = 10%=0.1$.

Step2: Identify principal and time

The principal $p = 59475$ and the time $t = 4$ years.

Step3: Calculate interest

Using the formula $i=prt$, we have $i = 59475\times0.1\times4= 59475\times0.4 = 23790$.

Step4: Calculate total amount

The total amount $A=p + i$. So $A=59475+23790 = 83265$.

Answer:

$83265$