vijay has $9,582 in an account that earns 10% interest compounded annually.\nto the nearest cent, how much…

vijay has $9,582 in an account that earns 10% interest compounded annually.\nto the nearest cent, how much will he have in 1 year?\nuse 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.\n$

vijay has $9,582 in an account that earns 10% interest compounded annually.\nto the nearest cent, how much will he have in 1 year?\nuse 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.\n$

Answer

Explanation:

Step1: Identify given values

$p = 9582$, $r = 0.10$, $t = 1$

Step2: Substitute into compound interest formula

$B = 9582(1 + 0.10)^1$

Step3: Simplify the expression

$B = 9582 \times 1.10$

Step4: Calculate the final balance

$B = 10540.20$

Answer:

$10540.20$