chris put $1,500 in a savings account at an annual interest rate of 5%. If chris does not deposit or withdraw any money, what is the amount of interest chris will earn the first year her money is in the savings account? use the formula i=prt
What don't you understand about this problem?
how do you solve this question?
Plug the numbers into the formula.
percentage= 5%
rate=?
time= 1 year
Principal = 1500
Rate = 0.05
Time = 1
From there on what's the next step?
Is that's the answer?
idk
To calculate the amount of interest Chris will earn, we can use the formula for simple interest: i = prt.
Where:
i = interest earned
p = principal amount (initial amount of money)
r = interest rate (written as a decimal)
t = time (in years)
In this case, we know that Chris puts $1,500 in a savings account with an annual interest rate of 5%. We want to find the amount of interest earned during the first year, so the time (t) is 1 year.
Plugging these values into the formula, we have:
i = (1,500) x (0.05) x (1)
i = $75
Therefore, Chris will earn $75 in interest during the first year her money is in the savings account.