estelle has $31,000 in a savings account that earns 3% interest per year. the interest is not compounded…

estelle has $31,000 in a savings account that earns 3% interest per year. the interest is not compounded. how much will she 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.

estelle has $31,000 in a savings account that earns 3% interest per year. the interest is not compounded. how much will she 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 $r = 3%=0.03$.

Step2: Calculate the interest earned

Given $p = 31000$, $r = 0.03$, $t = 5$. Using the formula $i=prt$, we have $i=31000\times0.03\times5$. $i = 31000\times0.15=4650$.

Step3: Calculate the total amount

The total amount $A=p + i$. So $A=31000 + 4650=35650$.

Answer:

$35650$