Welcome to Bytelearn!

Let’s check out your problem:

Andy has $\$ 100$ in an account. The interest rate is $6 \%$ compounded annually.$\newline$To the nearest cent, how much will he have in $2$ years?$\newline$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.$\newline$$\$$$\square$