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Maggie has $30 in an account. The interest rate is 10% compounded annually.To the nearest cent, how much will she 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.

Maggie has 30 in an account The interest rate is 10 compounded annuallyTo the nearest cent how much will she have in 1 yearUse the formula Bp1rt where B is the class=

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Solution:

Using the formula;

[tex]\begin{gathered} B=p(1+r)^t \\ \\ \text{ Where }B=balance,p=principal,r=rate,t=time \end{gathered}[/tex][tex]p=30,r=10\text{ \%}=0.1,t=1[/tex]

Thus;

[tex]\begin{gathered} B=30(1+0.1)^1 \\ \\ B=33 \end{gathered}[/tex]

ANSWER: $33

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