We are given the following information
Investment amount: P = $710
Interest rate: r = 5% = 0.05
Number of compounding: n = 1 (annually means once in a year)
Number of years: t = 9
We are asked to find the final amount after 9 years.
Recall that the compound interest formula is given by
Where P is the invested amount, r is the interest rate, n is the number of compoundings, and t is the number of years.
Let us substitute all the given values into the above formula to find the final amount (A)
Therefore, Marissa will have $1101.44 in her account after 9 years.