Dominic has $30 in a savings account that earns 10% annually. The interest is not compounded. How much interest will he earn in 1 year? Use the formula i = prt, where i is the %3D interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 7SC
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Dominic has $30 in a savings account
that earns 10% annually. The interest
is not compounded. How much
interest will he earn in 1 year?
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.
Transcribed Image Text:Dominic has $30 in a savings account that earns 10% annually. The interest is not compounded. How much interest will he earn in 1 year? 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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