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Evelyn has 9090 $\$ in an account. The interest rate is 5%5\% compounded annually. To the nearest cent, how much will she have in 33 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. Evelyn has 9090 $\$ in an account. The interest rate is 5%5\% compounded annually. To the nearest cent, how much will she have in 33 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: Identify the values for 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) = 33 years
  2. Plug Values into Formula: Plug the values into the formula to calculate the balance after 33 years. \newlineB=90(1+0.05)3B = 90(1 + 0.05)^3
  3. Calculate (1+r)t(1 + r)^t: Calculate the value of (1+r)t(1 + r)^t.(1+0.05)3=1.053(1 + 0.05)^3 = 1.05^3
  4. Calculate 1.0531.05^3: Calculate 1.0531.05^3.\newline1.053=1.1576251.05^3 = 1.157625
  5. Multiply Principal: Multiply the principal by the result from step 44.\newlineB=90×1.157625B = 90 \times 1.157625
  6. Perform Multiplication: Perform the multiplication to find the final balance. B=104.18625B = 104.18625
  7. Round Final Balance: Round the final balance to the nearest cent. \newlineB$104.19B \approx \$104.19

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