Answer:
To the nearest cent, Christopher will earn $ 0.13 in 3 years
Step-by-step explanation:
Let's recall that the formula of the compounded interest is:
A = P * (1 + r/n)^nt, where
A = Future value
P = Initial deposit
r = Interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
Replacing with the values we know:
A = P * (1 + r/n)^n
A = 1 * (1 + 0.1/1) ³°¹
A = 1 * 1.1³
A = 1 * 1.1331
A = 1.13
Interest = Future value - Initial deposit
Interest = 1.13 - 1
Interest = 0.13
