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Chapter 1: Problem 58

Write an original word problem that can be solved using a linear equation. Then solve the problem.

Short Answer

Expert verified
Liam will have $530 after 3 years.

Step by step solution

01

Understand the problem

In this scenario, Liam has $500 in his savings account. The bank adds an interest of 2% per annum to the account and he wants to know the total amount after 3 years. The formula for simple interest is \(I = PRT\), where \(P\) is the principal amount, \(R\) is the rate of interest and \(T\) is time.
02

Insert the values into the formula

The principal \(P\) is $500, the rate \(R\) is 2% (or 0.02 as a decimal), and time \(T\) is 3 years. Insert these values into the simple interest formula to get: \(I = 500 * 0.02 * 3\).
03

Calculate the simple interest

Multiply the values together to calculate the simple interest: \(I = 500 * 0.02 * 3 = \$30\). This means that the interest earned over 3 years is $30.
04

Calculate the total amount

To find out the total amount of money Liam will have after 3 years, we need to add the principal amount to the calculated interest: Total = Principal + Interest = $500 + $30 = $530

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