rick has $9,468 in an account that earns 15% interest compounded annually. to the nearest cent, how much…

rick has $9,468 in an account that earns 15% interest compounded annually. to the nearest cent, how much will he have 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.

rick has $9,468 in an account that earns 15% interest compounded annually. to the nearest cent, how much will he have 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

Explanation:

Step1: Identify values

$p = 9468$, $r=0.15$, $t = 1$

Step2: Substitute into formula

$B=p(1 + r)^t=9468\times(1 + 0.15)^1$

Step3: Calculate result

$B=9468\times1.15=10888.2$

Answer:

$10888.20$