rob has $7,869 in an account that earns 13% interest compounded annually. to the nearest cent, how much will…

Explanation:

Step1: Identify compound - interest formula

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

Step2: Convert the interest rate to decimal

Given $r = 13%=0.13$, $P=$7869$, and $t = 5$ years.

Step3: Substitute values into the formula

$A=7869\times(1 + 0.13)^5$. First, calculate $(1 + 0.13)^5=(1.13)^5$. $(1.13)^5=1.13\times1.13\times1.13\times1.13\times1.13\approx1.842435$. Then, $A = 7869\times1.842435$. $A\approx7869\times1.842435 = 14498.121015$.

Step4: Round to the nearest cent

Rounding $14498.121015$ to the nearest cent gives $$14498.12$.

Answer:

$14498.12$