Nick has \( \$ 3,572 \) in an account that earns \( 1 \% \) interest compounded annually. To the nearest cent, how much interest will he earn in 4 years? Use the formula \( B=p(1+r)^{\prime} \), where \( B \) is the balance (final amount), \( p \) is the principal (starting amoun), \( r \) is the interest rate expressed as a decimal, and \( t \) is the time in years. \( \$ \)

To find out how much interest Nick will earn in 4 years, we first use the formula \( B=p(1+r)^t \). Here, \( p = 3,572 \), \( r = 0.01 \), and \( t = 4 \). Plugging in the values: \[ B = 3572(1 + 0.01)^4 = 3572(1.01)^4 \] Calculating \( (1.01)^4 \) gives approximately \( 1.04060401 \). Now, calculate \( B \): \[ B \approx 3572 \times 1.04060401 \approx 3,717.44 \] To find the interest earned, subtract the principal from the final balance: \[ \text{Interest} = B - p = 3717.44 - 3572 = 145.44 \] Thus, Nick will earn approximately \( \$145.44 \) in interest over 4 years.