lacey has $13,200 in a savings account that earns 7% annually. the interest is not compounded. how much…

lacey has $13,200 in a savings account that earns 7% annually. the interest is not compounded. how much interest will she earn 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.

lacey has $13,200 in a savings account that earns 7% annually. the interest is not compounded. how much interest will she earn 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 $r = 7%=0.07$.

Step2: Identify principal and time

The principal $p = 13200$ and time $t = 5$ years.

Step3: Apply simple - interest formula

Using the formula $i=prt$, we substitute the values: $i = 13200\times0.07\times5$. First, $13200\times0.07 = 924$. Then, $924\times5=4620$.

Answer:

$4620$