Tyler has $14.79 in his sock bank. His parents will pay him 50% interest, compounded, if he doesn’t touch the sock for 1 month. How much compound interest will accrue over 1 month and what will be the full amount that Tyler will get for not touching the money in his sock?

"Interest" is the amount of extra money you earn or you have to pay back.

The Compound Interest formula that will be used is: A = P(1 + r)t.

A = The amount of money (including the accrued interest) after __ years/months or the compound amount.
P = The principal saved or owed.
r = The interest rate earned per year
t = The time period of the loan or amount saved (notice that the time is put into the “power” position)