John has $80 in a savings account that earns 55% annually. The interest is not compounded. How much interest will John 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
80 * 0.55 * 2
but I bet you mean 5.5 % which is 0.055
To find the interest earned by John in 2 years, we can use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate, and t is the time in years.
Given:
Principal (p) = $80
Interest rate (r) = 55% = 0.55
Time (t) = 2 years
Using the formula, we can substitute the given values:
i = prt
i = $80 * 0.55 * 2
Calculating the expression:
i = $88
Therefore, John will earn $88 in interest over 2 years.