Question

clarence has $1,000 in a savings account that earns 5% interest per year. the interest is not compounded. how much will he have in total in 3 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.

Explanation:

Step1: Identify values for p, r, t

p = 1000, r = 0.05 (5% as decimal), t = 3.

Step2: Calculate interest (i) using \( i = prt \)

\( i = 1000 \times 0.05 \times 3 \)
\( i = 150 \)

Step3: Find total amount (principal + interest)

Total = p + i = 1000 + 150 = 1150

Answer:

1150