elijah has $40,000 in a savings account that earns 11% annually. the interest is not compounded. how much…

elijah has $40,000 in a savings account that earns 11% annually. the interest is not compounded. how much will he have in total in 5 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.

elijah has $40,000 in a savings account that earns 11% annually. the interest is not compounded. how much will he have in total in 5 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 $r = 11%=0.11$.

Step2: Identify principal and time

The principal $p = 40000$ and the time $t = 5$ years.

Step3: Calculate interest

Using the formula $i=prt$, we substitute the values: $i = 40000\times0.11\times5=40000\times0.55 = 22000$.

Step4: Calculate total amount

The total amount $A=p + i$. So $A=40000 + 22000=62000$.

Answer:

$62000$