Question

Logan has 600 in a savings account. The interstate is 13% per year and 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 1

Principle=600
Interest rate=13%
Time=5 years
Using formula p*r*t/100
Interest=600*13*5/100
Interest=6*13*5
Interest=390

Answer 2

Answer:After 1 year your savings will be worth: £1,320.25

Interest after 1 year: £120.25

Explanation:

Hope this helps!