scott has $500 in a savings account that earns 9% annually. the interest is not compounded. how much will he…

scott has $500 in a savings account that earns 9% annually. the interest is not compounded. how much will he have in total in 5 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. $\\$$

scott has $500 in a savings account that earns 9% annually. the interest is not compounded. how much will he have in total in 5 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. $\\$$

Answer

Explanation:

Step1: Identify values for p, r, t

p = $500, r = 9% = 0.09, t = 5 years.

Step2: Calculate interest (i) using i = prt

i = 500 * 0.09 * 5 = 225.

Step3: Calculate total amount (principal + interest)

Total = 500 + 225 = 725.

Answer:

725