oscar has $3,000 in an account that earns 6% interest compounded annually. to the nearest cent, how much…

Answer:

$180.00

Explanation:

Step1: Identify the formula

The simple - interest formula for compound - interest compounded annually for 1 year is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

The interest rate $r = 6%=0.06$. The principal amount $P=$3000$ and $t = 1$ year.

Step3: Calculate the interest

Substitute the values into the formula: $I=Prt=3000\times0.06\times1$. $I = 180$. So the interest earned in 1 year is $$180.00$.