brendan deposited $3,967 in an account earning 5% interest compounded annually. to the nearest cent, how…

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 (as a decimal), and $t$ is the number of years. Here, $P=$3967$, $r = 0.05$, and $t = 5$.

Step2: Calculate the amount $A$

$A=3967\times(1 + 0.05)^5=3967\times(1.05)^5$. First, calculate $(1.05)^5=1.05\times1.05\times1.05\times1.05\times1.05 = 1.27628$. Then, $A = 3967\times1.27628\approx5063.90$.

Step3: Calculate the interest $I$

The interest $I=A - P$. $I = 5063.90-3967=$1096.90$.

Answer:

$1096.90$