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berty Hill Isd - Gal... M Inbox (57) - jarosz.I... +8 Core Ball! 
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My IXL
Learning
Assessment
Analyt
I. 11 Compound interest LSK
Kelsey 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

$

berty Hill Isd - Gal... M Inbox (5757) - jarosz.I... +88 Core Ball! M M e S SHEIN Girls Letter G...\newline2065206520-20 Dark Royal...\newlineMy IXL\newlineLearning\newlineAssessment\newlineAnalyt\newlineI. 1111 Compound interest LSK\newlineKelsey has $100 \$ 100 in an account. The interest rate is 11% 11 \% compounded annually.\newlineTo the nearest cent, how much will she have in 22 years?\newlineUse the formula B=p(1+r)t B=p(1+r)^{t} , where B B is the balance (final amount), p p is the principal (starting amount), r r is the interest rate expressed as a decimal, and t t is the time in year\newline$ \$

Full solution

Q. berty Hill Isd - Gal... M Inbox (5757) - jarosz.I... +88 Core Ball! M M e S SHEIN Girls Letter G...\newline2065206520-20 Dark Royal...\newlineMy IXL\newlineLearning\newlineAssessment\newlineAnalyt\newlineI. 1111 Compound interest LSK\newlineKelsey has $100 \$ 100 in an account. The interest rate is 11% 11 \% compounded annually.\newlineTo the nearest cent, how much will she have in 22 years?\newlineUse the formula B=p(1+r)t B=p(1+r)^{t} , where B B is the balance (final amount), p p is the principal (starting amount), r r is the interest rate expressed as a decimal, and t t is the time in year\newline$ \$
  1. Identify Given Values and Formula: Identify the given values and the formula to use.\newlineWe have:\newlinePrincipal pp = $100\$100\newlineInterest rate rr = 11%11\% = 0.110.11 (as a decimal)\newlineTime tt = 22 years\newlineCompound interest formula: B=p(1+r)tB = p(1 + r)^t
  2. Substitute Values into Formula: Substitute the given values into the compound interest formula. B=100(1+0.11)2B = 100(1 + 0.11)^2
  3. Calculate Value Inside Parentheses: Calculate the value inside the parentheses.\newline1+0.11=1.111 + 0.11 = 1.11
  4. Raise to Power: Raise 1.111.11 to the power of 22 (the number of years).\newline(1.11)2=1.2321(1.11)^2 = 1.2321
  5. Multiply Principal by Result: Multiply the principal by the result from Step 44.\newlineB=100×1.2321B = 100 \times 1.2321
  6. Find Final Balance: Perform the multiplication to find the final balance. B=$123.21B = \$123.21

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