malik deposited $2,439 in an account earning 7% interest compounded annually. to the nearest cent, how much…

Explanation:

Step1: Identify 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=$2439$, $r = 0.07$, and $t = 3$.

Step2: Calculate the amount $A$

$A=2439\times(1 + 0.07)^3=2439\times(1.07)^3$. First, calculate $(1.07)^3=1.07\times1.07\times1.07 = 1.225043$. Then, $A = 2439\times1.225043=2987.87$.

Step3: Calculate the interest $I$

The interest $I=A - P$. $I=2987.87-2439=$548.87$.

Answer:

$548.87$