zane deposited $3,000 in an account earning 11% interest compounded annually. to the nearest cent, how much…

zane deposited $3,000 in an account earning 11% interest compounded annually. to the nearest cent, how much will he have in 4 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.

zane deposited $3,000 in an account earning 11% interest compounded annually. to the nearest cent, how much will he have in 4 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

$p = 3000$, $r=0.11$, $t = 4$

Step2: Substitute into formula

$B=3000\times(1 + 0.11)^{4}$

Step3: Calculate $(1 + 0.11)^{4}$

$(1 + 0.11)^{4}=1.11^{4}=1.51807041$

Step4: Calculate $B$

$B = 3000\times1.51807041=4554.21123$

Answer:

$4554.21$