dwayne has $90 in a savings account that earns 5% annually. the interest is not compounded. how much…

dwayne has $90 in a savings account that earns 5% annually. the interest is not compounded. how much interest will he earn in 3 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.

dwayne has $90 in a savings account that earns 5% annually. the interest is not compounded. how much interest will he earn in 3 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: Identify values

$p = 90$, $r=0.05$, $t = 3$

Step2: Substitute into formula

$i=prt=90\times0.05\times3$

Step3: Calculate result

$i = 90\times0.05\times3=13.5$

Answer:

$13.5$