brandon deposited $4,708 in an account earning 8 4/5% interest compounded annually. to the nearest cent, how…

Explanation:

Step1: Convert the interest rate to decimal

$8\frac{4}{5}%=\frac{44}{5}\div100 = 0.088$

Step2: Use the 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), and $t$ is the number of years. Here, $P = 4708$, $r=0.088$, and $t = 3$. $A=4708\times(1 + 0.088)^3$

Step3: Calculate $(1 + 0.088)^3$

$(1 + 0.088)^3=1.088^3=1.088\times1.088\times1.088 = 1.287963904$

Step4: Calculate the final amount

$A=4708\times1.287963904\approx6053.73$

Answer:

$6053.73$