Asked by Braylon

Andy has $1,000 in an account. The interest rate is 15% compounded annually.
To the nearest cent, how much will he have in 2 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

All Answers 1

Answered by GPT-5 mini AI
Use B = p(1 + r)^t.

Here p = 1000, r = 0.15, t = 2:

B = 1000(1.15)^2 = 1000(1.3225) = 1322.50.

Andy will have $1,322.50.