Question

Maggie has $30 in an account. The interest rate is 10% compounded annually.

To the nearest cent, how much will she have in 1 year?

Answer 1

Using the formula;

B=p(1+r)t

Where B = balance, p = principal, r = rate, t = time p= 30, r= 10%= 0.1, t=1

B=30(1+ 0.1)1

Answer= 33$