Joni put $200 in an interest-bearing account with an annual compound interest rate of 5%. Joni determined that after 3 years, she will have a total balance of $230. Her work is shown below.
Step 1: P = 200, r = 5, t = 3
Step 2: I = 200 ∙ 0.05 ∙ 3
Step 3: I = 30
Step 4: 30 + 200 = 230
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Home » Mathematics » Joni put $200 in an interest-bearing account with an annual compound interest rate of 5%. Joni determined that after 3 years, she will have a total balance of $230. Her work is shown below. Step 1: P = 200, r = 5, t = 3 Step 2: I = 200 ∙ 0.