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oard | Rapididentity IXL ∣ Compound interest | 8th Home ixl.com/math/grade-8/compound-interest Liberty Hill Isd - Gal_. M Inbox (57) - jarosz.I.. 48ł Core Ball! M e S SHEIN Girls Letter G... 2065-20 Dark Royal... a Amazon My IXL Learning Assessment Analytics ghth grade >≠ I. 11 Compound interest LSK Kira has $500 in an account that earns 15% interest compounded annually. To the nearest cent, how much interest will she earn 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. $ Submit

oard | Rapididentity\newlineIXL ∣ \mid Compound interest | 88th\newlineHome\newlineixl.com/math/grade−8-8/compound-interest\newlineLiberty Hill Isd - Gal_. M Inbox (5757) - jarosz.I.. 4848ł Core Ball! M e S SHEIN Girls Letter G...\newline20652065−20-20 Dark Royal...\newlinea\newlineAmazon\newlineMy IXL\newlineLearning\newlineAssessment\newlineAnalytics\newlineghth grade >≠ >\neq I. 1111 Compound interest LSK\newlineKira has $500 \$ 500 in an account that earns 15% 15 \% interest compounded annually.\newlineTo the nearest cent, how much interest will she earn in 33 years?\newlineUse the formula B=p(1+r)t B=p(1+r)^{t} , where B B is the balance (final amount), p p is the principal (starting amount), r r is the interest rate expressed as a decimal, and t t is the time in years.\newline$ \$ \newlineSubmit

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Q. oard | Rapididentity\newlineIXL ∣ \mid Compound interest | 88th\newlineHome\newlineixl.com/math/grade−8-8/compound-interest\newlineLiberty Hill Isd - Gal_. M Inbox (5757) - jarosz.I.. 4848ł Core Ball! M e S SHEIN Girls Letter G...\newline20652065−20-20 Dark Royal...\newlinea\newlineAmazon\newlineMy IXL\newlineLearning\newlineAssessment\newlineAnalytics\newlineghth grade >≠ >\neq I. 1111 Compound interest LSK\newlineKira has $500 \$ 500 in an account that earns 15% 15 \% interest compounded annually.\newlineTo the nearest cent, how much interest will she earn in 33 years?\newlineUse the formula B=p(1+r)t B=p(1+r)^{t} , where B B is the balance (final amount), p p is the principal (starting amount), r r is the interest rate expressed as a decimal, and t t is the time in years.\newline$ \$ \newlineSubmit
  1. Identify values: Identify the values of pp, rr, and tt.\newlinePrincipal amount (p)=$(500)(p) = \$(500)\newlineInterest rate (r)=15%(r) = 15\%\newlineTime (t)=3(t) = 3 years
  2. Convert interest rate: Convert the interest rate from a percentage to a decimal.\newliner=15%r = 15\%\newline=15100=0.15= \frac{15}{100} = 0.15
  3. Calculate balance: Use the compound interest formula B=p(1+r)tB = p(1 + r)^t to calculate the balance after 33 years.\newlineSubstitute $500\$500 for pp, 0.150.15 for rr, and 33 for tt.\newlineB=500(1+0.15)3B = 500(1 + 0.15)^3
  4. Calculate inside parentheses: Calculate the value inside the parentheses first.\newline(1+0.15)=1.15(1 + 0.15) = 1.15
  5. Raise to power: Raise 1.151.15 to the power of 33. \newline1.153=1.5208751.15^3 = 1.520875
  6. Multiply principal amount: Multiply the principal amount by the result from the previous step to find the balance.\newlineB=500×1.520875B = 500 \times 1.520875\newlineB=760.4375B = 760.4375
  7. Find interest earned: To find the interest earned, subtract the original principal from the balance.\newlineInterest earned = B−pB - p\newlineInterest earned = 760.4375−500760.4375 - 500\newlineInterest earned = 260.4375260.4375
  8. Round interest earned: Round the interest earned to the nearest cent.\newlineInterest earned ≈\approx $260.44\$260.44

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