Ixl help I’m tryna reach a smart score of 50 Please explain how to do this if you can!

Jayla has $80 in a savings account that earns 5% interest, compounded annually.

To the nearest cent, how much will she have in 3 years?

The interest is equal to \$13$13

we know that

The compound interest formula is equal to

A=P(1+\frac{r}{n})^{nt}A=P(1+

n

r

)

nt

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

\begin{gathered}t=3\ years\\ P=\$80\\ r=0.05\\n=1\end{gathered}

t=3 years

P=$80

r=0.05

n=1

substitute in the formula above

A=\$80(1+\frac{0.05}{1})^{3}=\$92.61A=$80(1+

1

0.05

)

3

=$92.61

Find the interest

I=A-P=\$92.61-\$80=\$12.61I=A−P=$92.61−$80=$12.61

Round to the nearest whole dollar

\$12.61=\$13$12.61=$13

there is no image attacted