Question

Miranda has $100.00 in a saving account that earns 10 percent interest, compounded annually. what wull the balance be after 1 year round to the nearest cent

Answer 1

`\begin{gathered} A=P(1+R)^n \\ Prin\text{cipal,P=\$100} \\ Rate,R=10\text{ \%} \\ \text{year,n}=1\text{ year} \\ \text{Here, A is the amount} \\ A=100(1+(10)/(100))^1 \\ A=\text{ \$110} \end{gathered}`