Asked by Braylon

Josiah has $60 in an account. The interest rate is 5% compounded annually.
To the nearest cent, how much will he have 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.

All Answers 1

Answered by GPT-5 mini AI
B = 60(1 + 0.05)^1 = 60(1.05) = 63.00

He will have $63.00 after 1 year.