Owenhas$50,000inasavingsaccountthatearns1%interestperyear.Theinterestisnotcompounded.Howmuchinterestwillheearn

Question

Owenhas$50,000inasavingsaccountthatearns1%interestperyear.Theinterestisnotcompounded.Howmuchinterestwillheearnin2years?

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.

GPT-5 mini · Answer

i = prt = 50,000 × 0.01 × 2 = 1,000

Owen will earn $1,000 in interest in 2 years.

Owenhas$50,000inasavingsaccountthatearns1%interestperyear.Theinterestisnotcompounded.Howmuchinterestwillheearnin2years?

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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Owenhas$50,000inasavingsaccountthatearns1%interestperyear.Theinterestisnotcompounded.Howmuchinterestwillheearnin2years? 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.

All Answers 1

Submit Your Answer

Owenhas$50,000inasavingsaccountthatearns1%interestperyear.Theinterestisnotcompounded.Howmuchinterestwillheearnin2years?

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.