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Emmett deposited 9090 $\$ in an account earning 5%5\% interest compounded annually. To the nearest cent, how much will he have in 22 years? Use the formula B=p(1+r)tB = p(1 + r)^t, where BB is the balance (final amount), pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years. $\$____

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Q. Emmett deposited 9090 $\$ in an account earning 5%5\% interest compounded annually. To the nearest cent, how much will he have in 22 years? Use the formula B=p(1+r)tB = p(1 + r)^t, where BB is the balance (final amount), pp is the principal (starting amount), rr is the interest rate expressed as a decimal, and tt is the time in years. $\$____
  1. Identify Values: First, let's identify the values we need to plug into the formula B=p(1+r)tB = p(1 + r)^t.
    Principal (pp) = $90\$90
    Interest rate (rr) = 5%5\% or 0.050.05 as a decimal
    Time (tt) = 22 years
  2. Calculate Balance: Now, let's calculate the balance after 22 years using the formula. B=90(1+0.05)2B = 90(1 + 0.05)^2
  3. Calculate Inside Parentheses: Calculate the value inside the parentheses first. 1+0.05=1.051 + 0.05 = 1.05
  4. Raise to Power: Now raise 1.051.05 to the power of 22. (1.05)2=1.1025(1.05)^2 = 1.1025
  5. Multiply Principal: Finally, multiply the principal by the result to find the balance.\newlineB=90×1.1025B = 90 \times 1.1025\newlineB=$(99.225)B = \$(99.225)
  6. Round Balance: Round the balance to the nearest cent.\newlineFinal balance = $99.23\$99.23

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