berty Hill Isd - Gal... M Inbox (57) - jarosz.I... +8 Core Ball! M e S SHEIN Girls Letter G...2065−20 Dark Royal...My IXLLearningAssessmentAnalytI. 11 Compound interest LSKKelsey has $100 in an account. The interest rate is 11% compounded annually.To the nearest cent, how much will she have in 2 years?Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in year$
Q. berty Hill Isd - Gal... M Inbox (57) - jarosz.I... +8 Core Ball! M e S SHEIN Girls Letter G...2065−20 Dark Royal...My IXLLearningAssessmentAnalytI. 11 Compound interest LSKKelsey has $100 in an account. The interest rate is 11% compounded annually.To the nearest cent, how much will she have in 2 years?Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in year$
Identify Given Values and Formula: Identify the given values and the formula to use.We have:Principal p = $100Interest rate r = 11% = 0.11 (as a decimal)Time t = 2 yearsCompound interest formula: B=p(1+r)t
Substitute Values into Formula: Substitute the given values into the compound interest formula. B=100(1+0.11)2
Calculate Value Inside Parentheses: Calculate the value inside the parentheses.1+0.11=1.11
Raise to Power: Raise 1.11 to the power of 2 (the number of years).(1.11)2=1.2321
Multiply Principal by Result: Multiply the principal by the result from Step 4.B=100×1.2321
Find Final Balance: Perform the multiplication to find the final balance. B=$123.21