Question

Correct answers only please!

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

$55000

Explanation:

Using the given formula :

I = P × R × T

I = 100000 × 11/100 × 5

I = $55000

Answer 2

interest - $55,000

Explanation:

$100,000 principal

11% interest rate (need to use 0.11)

? interest

5 years time

i = prt

= 100,000(.11)(5)

interest earned is $55,000

total money in account is $155,000