derek deposited $7,615 in an account earning 10% interest compounded annually. to the nearest cent, how much…

Explanation:

Step1: Recall compound - interest formula

The compound - interest 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. Here, $P=$7615$, $r = 0.1$ (since $10%=0.1$), and $t = 2$.

Step2: Calculate the amount after 2 years

$A=7615\times(1 + 0.1)^2=7615\times(1.1)^2=7615\times1.21 = 9214.15$.

Step3: Calculate the interest earned

The interest $I$ earned is $I=A - P$. So, $I=9214.15−7615=$1599.15$.

Answer:

$1599.15$