Answer:
Assuming that the interest rate is annual and compounded once a year, we can calculate the amount of money that Molly will have after one year in the savings account as:
A = P(1 + r/n)^(nt)
where:
P is the principal amount (the initial investment), which is 3,478 in this case
r is the annual interest rate, which is 2% expressed as a decimal (0.02)
n is the number of times the interest is compounded in a year, which is 1 since it is compounded once a year
t is the time in years, which is 1 since we are calculating the amount after one year
A is the amount of money Molly will have after one year
Plugging in the values, we get:
A = 3,478(1 + 0.02/1)^(1*1)
A = 3,478(1.02)
A = 3,546.56
Therefore, after one year, Molly will have $3,546.56