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 is joni correct? explain. joni is not correct, because $230 is just the interest she will earn; she will have $430 total. joni is not correct; $230 will be her balance after 1 year. after 3 years, she will have $290. joni is not correct because she used the simple interest rate formula, not the compound interest rate formula. she will have $231.53. joni is correct. she correctly applied the i = p · r · t formula, and will have $230.