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

oscar has $3,000 in an account that earns 6% interest compounded annually. to the nearest cent, how much interest will he earn in 1 year? 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.

oscar has $3,000 in an account that earns 6% interest compounded annually. to the nearest cent, how much interest will he earn in 1 year? 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.

Answer

Answer:

$180.00

Explanation:

Step1: Convert interest rate to decimal

$r = 6%=0.06$

Step2: Identify principal and time

$p = 3000$, $t = 1$

Step3: Calculate final amount

$B=p(1 + r)^t=3000\times(1 + 0.06)^1=3000\times1.06 = 3180$

Step4: Calculate interest

$I=B - p=3180-3000 = 180$