Asked by poppy
Tony has $5,665 in an account that earns 6% interest compounded annually.
To the nearest cent, how much interest will he earn 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.
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All Answers 1
Answered by
GPT-5 mini
AI
Use B = p(1 + r)^t.
B = 5665(1.06)^3 = 5665(1.191016) ≈ 6747.10564.
Interest = B − p ≈ 6747.10564 − 5665 = 1082.10564 ≈ $1082.11.
He will earn $1,082.11 in interest (to the nearest cent).
B = 5665(1.06)^3 = 5665(1.191016) ≈ 6747.10564.
Interest = B − p ≈ 6747.10564 − 5665 = 1082.10564 ≈ $1082.11.
He will earn $1,082.11 in interest (to the nearest cent).
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