Answer:
Step-by-step explanation:
The formula for determining compound interest is expressed as
B = p(1 + r)^t
where
B is the balance (final amount),
p is the principle (starting amount),
r is the interest rate.
t is the time in years.
From the information provided,
p = $1
r = 10% = 10/100 = 0.1
t = 3 years
The balance in 3 years would be
A = 1(1 + 0.1)^3
A = 1(1.1)^3
A = $1.331
The interest earned after 3 years is
1.331 - 1 = $0.331
Rounding up to the nearest tenth, it becomes $0.3
