Kimberlyhas$94,682inasavingsaccount.Theinterestrateis5%peryearandisnotcompounded.Howmuchwillshehaveintotalin6months?

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.

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1 answer

To calculate how much Kimberly will have in total in 6 months using the formula \( i = prt \), we first need to identify the relevant values:

  • \( p \) (the principal) = $94,682
  • \( r \) (the interest rate as a decimal) = 5% = 0.05
  • \( t \) (the time in years) = 6 months = 0.5 years

Now we can calculate the interest earned (\( i \)):

\[ i = p \cdot r \cdot t \]

Substituting the values:

\[ i = 94,682 \cdot 0.05 \cdot 0.5 \]

Calculating it step-by-step:

  1. Calculate \( 0.05 \cdot 0.5 = 0.025 \)
  2. Then, calculate \( 94,682 \cdot 0.025 = 2,367.05 \)

So, the interest earned in 6 months is $2,367.05.

Now, to find the total amount in the account after 6 months, we add the interest earned to the principal:

\[ \text{Total} = p + i = 94,682 + 2,367.05 = 97,049.05 \]

Thus, Kimberly will have a total of $97,049.05 in her savings account after 6 months.