leo has $60,000 in a savings account that earns 3.9% interest per year. the interest is not compounded. how…

leo has $60,000 in a savings account that earns 3.9% interest per year. the interest is not compounded. how much interest will he 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.

leo has $60,000 in a savings account that earns 3.9% interest per year. the interest is not compounded. how much interest will he 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: Identify values

$p = 60000$, $r=0.039$, $t = 5$

Step2: Substitute into formula

$i=prt=60000\times0.039\times5$

Step3: Calculate result

$i = 60000\times0.039\times5=11700$

Answer:

$11700$