Question

Aaronhas$18,456inasavingsaccount.theinterestrateis15%peryearandisnotcompounded.tothenearestdollar,howmuchwillhehaveintotalin3years? 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. round your answer to the nearest dollar.

Answer 1

Aaron will have $8,315 in total after 3 years in his savings account.

Step-by-step explanation:

To calculate the total amount Aaron will have in the savings account in 3 years, we can use the formula for simple interest: i = prt. i represents 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.

Plugging in the values: i = 18456 * 0.15 * 3 = 8315.2

Rounding to the nearest dollar, Aaron will have $8,315 in total after 3 years.