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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.
Let's break down the given information: Principal (p) = $51,949 Interest Rate (r) = 7% per year = 0.07 (as a decimal) Time (t) = 3 years Now, we'll use the formula i = prt to calculate the interest earned. i = p * r * t i = 51,949 * 0.07 * 3 i = 51,949 * 0.21 i = 10,909.29 To the nearest dollar, Sharon will earn $10,909 in interest in 3 years.
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