bernie deposited $2,000 in an account earning 10% interest compounded annually. to the nearest cent, how…

Answer:

$3221.02$

Explanation:

Step1: Identify the compound - interest formula

$A = P(1 + r)^t$, 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 (in decimal form), and $t$ is the number of years the money is invested for.

Step2: Convert the percentage to decimal

$r=10% = 0.1$, $P = 2000$, $t = 5$.

Step3: Substitute the values into the formula

$A=2000\times(1 + 0.1)^5$.

Step4: Calculate $(1 + 0.1)^5$

$(1 + 0.1)^5=1.1^5=1.61051$.

Step5: Calculate the final amount

$A = 2000\times1.61051=3221.02$.