manny has $70 in a savings account. the interest rate is 5% per year and is not compounded. how much…

manny has $70 in a savings account. the interest rate is 5% per year and is not compounded. how much interest will he earn in 2 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.

manny has $70 in a savings account. the interest rate is 5% per year and is not compounded. how much interest will he earn in 2 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

$p = 70$, $r=0.05$, $t = 2$

Step2: Substitute into formula

$i=prt=70\times0.05\times 2$

Step3: Calculate result

$i = 7$

Answer:

$7$