Andy has $100 in an account. The interest rate is 6% compounded annually. To the nearest cent, how much will he have in 2 years? Use the formula B=p(1+r)^(t), where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years. $◻

Identify values: question_prompt: How much will Andy have in his account after 2 years with an annual compound interest rate of 6%? Plug values into formula: Step 1: Identify the values for the formula B=p(1+r)^t. Here, p=$100, r=6% or 0.06 as a decimal, and t=2 years. Calculate (1+0.06): Step 2: Plug the values into the formula. So, B=100(1+0.06)^2. Raise to power: Step 3: Calculate (1+0.06) which is 1.06. Multiply principal amount: Step 4: Now raise 1.06 to the power of 2. So, 1.06^2 is 1.1236. Step 5: Multiply the principal amount by the result from step 4. So, 100 * 1.1236 is 112.36.

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Andy has $100 in an account. The interest rate is 6% compounded annually.
To the nearest cent, how much will he have in 2 years?
Use the formula B=p(1+r)^(t), where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
$◻

Andy has $\$ 100$ in an account. The interest rate is $6 \%$ compounded annually. $\newline$ To the nearest cent, how much will he have in $2$ years? $\newline$ Use the formula $B=p(1+r)^{t}$ , where $B$ is the balance (final amount), $p$ is the principal (starting amount), $r$ is the interest rate expressed as a decimal, and $t$ is the time in years. $\newline$ $\$$ $\square$

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Q. Andy has

\$ 100

in an account. The interest rate is

6 \%

compounded annually.

\newline

To the nearest cent, how much will he have in

2

years?

\newline

Use the formula

B=p(1+r)^{t}

, where

B

is the balance (final amount),

p

is the principal (starting amount),

r

is the interest rate expressed as a decimal, and

t

is the time in years.

\newline

\$

\square

Identify values: question_prompt: How much will Andy have in his account after $2$ years with an annual compound interest rate of $6\%$ ?
Plug values into formula: Step $1$ : Identify the values for the formula $B=p(1+r)^t$ . Here, $p=\$100$ , $r=6\%$ or $0.06$ as a decimal, and $t=2$ years.
Calculate $(1+0.06)$ : Step $2$ : Plug the values into the formula. So, $B=100(1+0.06)^2$ .
Raise to power: Step $3$ : Calculate $(1+0.06)$ which is $1.06$ .
Multiply principal amount: Step $4$ : Now raise $1.06$ to the power of $2$ . So, $1.06^2$ is $1.1236$ .
Multiply principal amount: Step $4$ : Now raise $1.06$ to the power of $2$ . So, $1.06^2$ is $1.1236$ . Step $5$ : Multiply the principal amount by the result from step $4$ . So, $100 \times 1.1236$ is $112.36$ .