ixl.com/math/grade−8/compound-interest2065−20 Dark Royal_AmazorMy IXLLearningAssessmentAnalyticsSpencer deposited $10 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$SubmitWork it outNot feeling ready yet? These can help:
Q. ixl.com/math/grade−8/compound-interest2065−20 Dark Royal_AmazorMy IXLLearningAssessmentAnalyticsSpencer deposited $10 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$SubmitWork it outNot feeling ready yet? These can help:
Identify Variables: Identify the variables for the compound interest formula.Principal p = $10Interest rate r = 5% or 0.05 when expressed as a decimalTime t = 3 yearsWe will use the compound interest formula B=p(1+r)t to calculate the final balance.
Substitute Values: Substitute the values into the compound interest formula.B=10(1+0.05)3Now we need to calculate the value inside the parentheses first, which is (1+0.05).
Calculate Inside Parentheses: Calculate the value inside the parentheses.1+0.05=1.05Now we have the updated formula: B=10(1.05)3
Calculate Exponent: Calculate the exponent part of the formula.(1.05)3 means 1.05 multiplied by itself 3 times.1.05×1.05×1.05=1.157625Now we have the updated formula: B=10×1.157625
Multiply Principal: Multiply the principal by the result from the exponent calculation.B=10×1.157625B=11.57625To the nearest cent, we need to round the final balance.
Round Final Balance: Round the final balance to the nearest cent. The final balance rounded to the nearest cent is $11.58.