malik opens a savings account with an initial...

# Explanation: ## Step1: Identify compound - interest formula The compound - interest formula is $A = P(1+\frac{r}{n})^{nt}$, where $A$ is the amount of money accumulated after $n$ years, including interest, $P$ is the principal amount (the initial amount of money), $r$ is the annual interest rate (in decimal form), $n$ is the number of times that interest is compounded per year, and $t$ is the time the money is invested for in years. ## Step2: Convert given values to appropriate form We have $P = 2500$, $r=0.021$ (since $2.1\%=0.021$), $n = 4$ (compounded quarterly), and $t = 10$. ## Step3: Substitute values into the formula $A=2500(1 +\frac{0.021}{4})^{4\times10}$. First, calculate the value inside the parentheses: $\frac{0.021}{4}=0.00525$, and $1 + 0.00525=1.00525$. Then, calculate the exponent: $4\times10 = 40$. So, $A = 2500\times(1.00525)^{40}$. ## Step4: Calculate the final amount Using a calculator, $(1.00525)^{40}\approx1.231439$. Then, $A=2500\times1.231439 = 3078.5975$. Rounding to the nearest cent, $A\approx3078.60$. # Answer: $3078.60$