Lily has $76,917 in a savings account.The interest rate is 3% per year and is not compounded.How much will she 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.
First, we will calculate the interest earned per year using the formula i = prt:
i = $76,917 * 0.03 * 1
i = $2,307.51
Since the interest is not compounded, Lily will earn the same amount of interest each year. After 5 years, she will have earned:
$2,307.51 * 5 = $11,537.55
Adding this interest to her initial principal amount, Lily will have in total after 5 years:
$76,917 + $11,537.55 = $88,454.55
Therefore, Lily will have $88,454.55 in total in 5 years.