Tiana deposited 60$ in an account earning 10% interest compounded annually. To the nearest cent, how much will she have in 3 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. $____
Q. Tiana deposited 60$ in an account earning 10% interest compounded annually. To the nearest cent, how much will she have in 3 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: First, let's identify the values we need to plug into the formula B=p(1+r)t.Principal (p) = $60Interest rate (r) = 10% or 0.10 as a decimalTime (t) = 3 years
Plug into Formula: Now, let's plug these values into the formula to calculate the balance after 3 years.B=60(1+0.10)3
Calculate Inside Parentheses: Calculate the amount inside the parentheses first. 1+0.10=1.10
Raise to Power: Now raise 1.10 to the power of 3. (1.10)3=1.10×1.10×1.10
Perform Multiplication: Perform the multiplication.1.10×1.10×1.10=1.331
Multiply Principal: Finally, multiply the principal by the result to find the balance.B=60×1.331
Final Balance: Perform the multiplication to get the final balance.B=79.86