brenda deposited $2,059 in an account earning 1% interest compounded annually. to the nearest cent, how much…

Explanation:

Step1: Identify compound - interest formula

For annual compounding, the formula is $A = P(1 + r)^t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the number of years.

Step2: Convert the interest rate to decimal

Given $r=1%=0.01$, $P = 2059$, and $t = 1$.

Step3: Substitute values into the formula

$A=2059\times(1 + 0.01)^1$.

Step4: Calculate the amount

$A=2059\times1.01=2079.59$.

Answer:

$2079.59$