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Question: Sharonhas$51,949inasavingsaccount.Theinterestrateis7%peryearandisnotcompounded.Tothenearestdollar,howmuchinterestwillsheearnin3years? 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. Round your answer to the nearest dollar.
To find the interest Sharon will earn in 3 years, we can use the formula i = prt. First, let's break down the given information: - Principal (p) = $51,949 - Interest rate (r) = 7% per year (in decimal form, 0.07) - Time (t) = 3 years Now, substitute these values into the formula: i = prt i = ($51,949)(0.07)(3) i = $51,949 * 0.07 * 3 i = $11,043.42 Since we need to round the answer to the nearest dollar, the interest earned in 3 years would be: $11,043.
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