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

brenda deposited $2,059 in an account earning 1% interest compounded annually. to the nearest cent, how much will she have in 1 year? use the formula $b = p(1 + r)^t$, where $b$ is the balance (final amount), $p$ is the principal (starting amount), $r$ is the interest rate expressed as a decimal, and $t$ is the time in years.

brenda deposited $2,059 in an account earning 1% interest compounded annually. to the nearest cent, how much will she have in 1 year? use the formula $b = p(1 + r)^t$, where $b$ is the balance (final amount), $p$ is the principal (starting amount), $r$ is the interest rate expressed as a decimal, and $t$ is the time in years.

Answer

Explanation:

Step1: Identify values

$p = 2059$, $r=0.01$, $t = 1$

Step2: Substitute into formula

$B=p(1 + r)^t=2059\times(1 + 0.01)^1$

Step3: Calculate result

$B=2059\times1.01 = 2079.59$

Answer:

$2079.59$