garrett has $30 in a savings account. the interest rate is 5% per year and is not compounded. how much will…

garrett has $30 in a savings account. the interest rate is 5% per year and is not compounded. how much will he have in total 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.

garrett has $30 in a savings account. the interest rate is 5% per year and is not compounded. how much will he have in total 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: Convert interest rate to decimal

$r = 5%=0.05$

Step2: Identify principal and time

$p = 30$, $t = 3$

Step3: Calculate interest

$i=prt=30\times0.05\times3 = 4.5$

Step4: Calculate total amount

$A=p + i=30+4.5 = 34.5$

Answer:

$34.5$