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Tiana deposited 6060 $\$ in an account earning 10%10\% interest 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. Tiana deposited 6060 $\$ in an account earning 10%10\% interest 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: First, let's identify the values we need to plug into the formula B=p(1+r)tB = p(1 + r)^t.\newlinePrincipal (pp) = $60\$60\newlineInterest rate (rr) = 10%10\% or 0.100.10 as a decimal\newlineTime (tt) = 33 years
  2. Plug into Formula: Now, let's plug these values into the formula to calculate the balance after 33 years.\newlineB=60(1+0.10)3B = 60(1 + 0.10)^3
  3. Calculate Inside Parentheses: Calculate the amount inside the parentheses first. 1+0.10=1.101 + 0.10 = 1.10
  4. Raise to Power: Now raise 1.101.10 to the power of 33. (1.10)3=1.10×1.10×1.10(1.10)^3 = 1.10 \times 1.10 \times 1.10
  5. Perform Multiplication: Perform the multiplication.\newline1.10×1.10×1.10=1.3311.10 \times 1.10 \times 1.10 = 1.331
  6. Multiply Principal: Finally, multiply the principal by the result to find the balance.\newlineB=60×1.331B = 60 \times 1.331
  7. Final Balance: Perform the multiplication to get the final balance.\newlineB=79.86B = 79.86

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