christopher deposit 1 dollar in the savings account earning 10 interest compounded annually to the nearest tenth,how much interest wi

Question

christopher deposit 1 dollar in the savings account earning 10 interest compounded annually to the nearest tenth,how much interest will he earn in 3 years use the formula B=p(1+r)t, where is the balance (final amount), p is the principle (starting amount), ris the interest rate expressed as a decimal, and t is the time in years.
Plz help i need to hurry and finsh

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Gianna 17 hours 2021-10-14T13:53:07+00:00 1 Answer 0

Answers ( )

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    2021-10-14T13:54:09+00:00

    Answer:

    Step-by-step explanation:

    The formula for determining compound interest is expressed as

    B = p(1 + r)^t

    where

    B is the balance (final amount),

    p is the principle (starting amount),

    r is the interest rate.

    t is the time in years.

    From the information provided,

    p = $1

    r = 10% = 10/100 = 0.1

    t = 3 years

    The balance in 3 years would be

    A = 1(1 + 0.1)^3

    A = 1(1.1)^3

    A = $1.331

    The interest earned after 3 years is

    1.331 – 1 = $0.331

    Rounding up to the nearest tenth, it becomes $0.3

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