regan deposited $9,659 in an account earning 3% interest compounded annually. to the nearest cent, how much…

regan deposited $9,659 in an account earning 3% interest compounded annually. to the nearest cent, how much will she have in 4 years? 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.

regan deposited $9,659 in an account earning 3% interest compounded annually. to the nearest cent, how much will she have in 4 years? 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:

$10865.13$

Explanation:

Step1: Identify values

$p = 9659$, $r=0.03$, $t = 4$

Step2: Substitute into formula

$B=9659\times(1 + 0.03)^{4}$

Step3: Calculate exponent

$(1 + 0.03)^{4}=1.03^{4}=1.12550881$

Step4: Calculate final amount

$B=9659\times1.12550881\approx10865.13$