braden has $700 in an account that earns 10% interest compounded annually. to the nearest cent, how much…

braden has $700 in an account that earns 10% 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.

braden has $700 in an account that earns 10% 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.

Answer

Explanation:

Step1: Identify the values

$p = 700$, $r=0.1$, $t = 3$

Step2: Substitute into the formula

$B=700\times(1 + 0.1)^{3}$

Step3: Calculate the value inside the parentheses

$1+0.1=1.1$

Step4: Calculate the exponent

$1.1^{3}=1.1\times1.1\times1.1 = 1.331$

Step5: Calculate the final balance

$B=700\times1.331=931.7$

Answer:

$931.70$