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Evelyn deposited 9090 $\$ in an account earning 10%10\% interest compounded annually. To the nearest cent, how much interest will she earn in 11 year? Use the formula B=p(1+r)tB = p(1 + r)^t, where BB is the balance (final amount), pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years. $\$____

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Q. Evelyn deposited 9090 $\$ in an account earning 10%10\% interest compounded annually. To the nearest cent, how much interest will she earn in 11 year? Use the formula B=p(1+r)tB = p(1 + r)^t, where BB is the balance (final amount), pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years. $\$____
  1. Identify Formula and Values: Step 11: Identify the formula and values to use.\newlineWe use the formula B=p(1+r)tB = p(1 + r)^t. Here, p=$90p = \$90, r=10%r = 10\% or 0.100.10, and t=1t = 1 year.
  2. Substitute Values: Step 22: Substitute the values into the formula.\newlineCalculate B=90(1+0.10)1B = 90(1 + 0.10)^1.
  3. Perform Calculation: Step 33: Perform the calculation for the expression inside the parentheses. \newline1+0.10=1.101 + 0.10 = 1.10.
  4. Calculate Final Balance: Step 44: Calculate the final balance after 11 year.\newlineB=90×1.10=$(99)B = 90 \times 1.10 = \$(99).
  5. Determine Interest Earned: Step 55: Determine the interest earned by subtracting the principal from the final balance.\newlineInterest earned = $99\$99 - $90\$90 = $9\$9.

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