oscar has $3,000 in an account that earns 6% interest compounded annually. to the nearest cent, how much…

oscar has $3,000 in an account that earns 6% interest compounded annually. to the nearest cent, how much interest will he earn in 1 year? 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.

oscar has $3,000 in an account that earns 6% interest compounded annually. to the nearest cent, how much interest will he earn in 1 year? 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

$p = 3000$, $r=0.06$, $t = 1$

Step2: Calculate final amount

$B=p(1 + r)^t=3000\times(1 + 0.06)^1=3000\times1.06 = 3180$

Step3: Calculate interest

Interest $=B - p=3180-3000 = 180$

Answer:

$180.00$