andy has $1,000 in an account. the interest rate is 15% compounded annually. use the formula b = p(1 + r)^t…

andy has $1,000 in an account. the interest rate is 15% compounded annually. 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. to the nearest cent, how much will he have in 2 years?

andy has $1,000 in an account. the interest rate is 15% compounded annually. 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. to the nearest cent, how much will he have in 2 years?

Answer

Explicación:

Paso 1: Identificar los valores de p, r y t

Dado que $p = 1000$, $r=0.15$ (ya que 15% = 0.15) y $t = 2$.

Paso 2: Sustituir valores en la fórmula

Sustituimos en la fórmula $B=p(1 + r)^t$, entonces $B = 1000\times(1 + 0.15)^2$.

Paso 3: Calcular la expresión dentro del paréntesis

$1+0.15=1.15$, entonces $B = 1000\times(1.15)^2$.

Paso 4: Calcular el cuadrado de 1.15

$(1.15)^2=1.15\times1.15 = 1.3225$.

Paso 5: Multiplicar por el principal

$B=1000\times1.3225 = 1322.5$.

Respuesta:

$1322.50$