what is the interest earned after 1 year in a savings account with an initial investment of $320 and a 5%…

Explanation:

Step1: Identify the simple - interest formula

The formula for simple interest is $I = Prt$, where $P$ is the principal amount, $r$ is the interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

The interest rate $r = 5%=0.05$. The principal amount $P = 320$ and the time $t = 1$ year.

Step3: Substitute values into the formula

$I=Prt=320\times0.05\times1$.

Step4: Calculate the interest

$I = 320\times0.05\times1=16$.

Answer:

$16$