jacob deposited $2,535 in an account earning 10% interest compounded annually. to the nearest cent, how much…

jacob deposited $2,535 in an account earning 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.

jacob deposited $2,535 in an account earning 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 values

$p = 2535$, $r=0.1$, $t = 3$

Step2: Substitute into formula

$B=p(1 + r)^t=2535\times(1 + 0.1)^3$

Step3: Calculate $(1 + 0.1)^3$

$(1 + 0.1)^3=1.1^3=1.1\times1.1\times1.1 = 1.331$

Step4: Calculate final amount

$B=2535\times1.331=3374.085$

Answer:

$3374.09$