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

Answer 1

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