dominic invested $980 in an account paying an interest rate of 2.7% compounded annually. assuming no…

Explanation:

Step1: Identify the compound - interest formula

The compound - interest formula is $A = P(1 + r)^t$, where $A$ is the amount of money in the account after $t$ years, $P$ is the principal amount (initial investment), $r$ is the annual interest rate (in decimal form), and $t$ is the number of years.

Step2: Convert the interest rate to decimal form

Given $r = 2.7%=0.027$, $P = 980$, and $t = 12$.

Step3: Substitute the values into the formula

$A=980\times(1 + 0.027)^{12}$. First, calculate $(1 + 0.027)^{12}$. Using a calculator, $(1.027)^{12}\approx1.38379$. Then, $A = 980\times1.38379$. $A\approx980\times1.38379 = 1356.1142$.

Step4: Round to the nearest dollar

Rounding $1356.1142$ to the nearest dollar gives $1356$.

Answer:

$1356$