destiny deposited $5,560 in an account earning 6.7% interest compounded annually. to the nearest cent, how…

Explanation:

Step1: Identify the 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=$5560$, $r = 0.067$, and $t = 4$.

Step2: Calculate the amount $A$

$A=5560\times(1 + 0.067)^4=5560\times(1.067)^4$. First, calculate $(1.067)^4=1.067\times1.067\times1.067\times1.067\approx1.295077$. Then, $A = 5560\times1.295077\approx7200.63$.

Step3: Calculate the interest earned

The interest earned $I=A - P$. $I=7200.63−5560=$1640.63$.

Answer:

$1640.63$