Final answer:
Jada will have approximately $635.84 after 11 years by investing $260 at an 8.5% annual compound interest rate. We used the compound interest formula A = P(1 + r/n)^(nt) to find the final amount.
Step-by-step explanation:
To calculate how much money Jada will have after 11 years if she leaves her initial deposit of $260 invested at an annual interest rate of 8.5% with annual compounding, we'll use the formula for compound interest: A = P(1 + r/n)^(nt). Where A is the amount of money accumulated after n years, including interest. P is the principal amount (the initial amount of money), r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years.
In Jada's case, the principal P = $260, the annual interest rate r = 0.085 (since 8.5% must be converted to decimal by dividing by 100), the compound frequency n = 1 (since it is compounded annually), and the time t = 11 years.
Applying these numbers to the compound interest formula, we get: A = 260(1 + 0.085/1)^(1*11), A = 260(1 + 0.085)^11, A = 260(1.085)^11.
After calculating the power of 1.085 raised to the 11th power and multiplying by 260, we find that Jada would have approximately $635.84 after 11 years.