sofia has $7,306 in an account. the interest rate is 8% 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 $A$ 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 $r = 8%=0.08$, $P=$7306$, and $t = 2$ years.

Step3: Substitute values into the formula

$A=7306\times(1 + 0.08)^2$. First, calculate $(1 + 0.08)^2=(1.08)^2 = 1.1664$. Then, $A=7306\times1.1664$. $A = 7306\times1.1664=8511.0184$.

Answer:

$8511.02$