Brenda deposited $2,059 in an account earning 1% interest compounded annually. To the nearest cent, how much will she have in 1 year?

K M asked Oct 15, 2023

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7 votes

Brenda deposited $2,059 in an account earning 1% interest compounded annually.

To the nearest cent, how much will she have in 1 year?

K M asked Oct 15, 2023

by K M

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16 votes

Answer: $2,079.59

Steps:
A = P ( 1 + r/n )^nt

A = 2059 ( 1 + 0.01/1 )^1•1

A = 2079.59

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