Charlottehas$50inasavingsaccount.Theinterestrateis10%peryearandisnotcompounded.Howmuchwillshehaveintotalin5years?

To calculate the total amount Charlotte will have in 5 years, we need to understand how simple interest works.

Step 1: Understand the problem Charlotte has $50 in a savings account. The interest rate is 10% per year and is not compounded. We need to find out how much she will have in total in 5 years.

Step 2: Understand the formula The formula for simple interest is I = PRT, where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time (in years)

Step 3: Plug in the values In this case, P = $50, R = 10% (or 0.10 in decimal form), and T = 5 years.

Step 4: Calculate the interest I = PRT I = 50 * 0.10 * 5 I = $25

Step 5: Add the interest to the initial amount The total amount Charlotte will have in 5 years is the initial amount plus the interest. So, she will have $50 (initial amount) +$25 (interest) = $75 in total in 5 years.