Braden has $80 in a savings account that earns 5% annually.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.
Given:
p = $80
r = 5% = 0.05
t = 3 years
Using the formula i = prt:
i = 80 x 0.05 x 3
i = 12
To find the total amount in 3 years, we add the interest earned to the principal:
Total amount = Principal + Interest
Total amount = $80 + $12
Total amount = $92
Therefore, Braden will have $92 in total in 3 years.