trudy deposited $8,307 in an account earning 1% interest compounded annually. to the nearest cent, how much…

trudy deposited $8,307 in an account earning 1% interest compounded annually. to the nearest cent, how much will she have in 2 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.

trudy deposited $8,307 in an account earning 1% interest compounded annually. to the nearest cent, how much will she have in 2 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

Explanation:

Step1: Identificar valores

Dado que $p = 8307$, $r=0.01$ (ya que $1%=0.01$) y $t = 2$.

Step2: Sustituir en la fórmula

$B=p(1 + r)^t=8307\times(1 + 0.01)^2$.

Step3: Calcular $(1 + 0.01)^2$

$(1 + 0.01)^2=1.01^2=1.0201$.

Step4: Calcular el saldo final

$B=8307\times1.0201=8474.9707$.

Answer:

$8474.97$