jack has $1,331 in an account that earns 5% 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 $P$ 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 $r = 5%=0.05$, $P=$1331$, and $t = 3$.

Step3: Substitute values into the formula

$A=1331\times(1 + 0.05)^3$. First, calculate $(1 + 0.05)^3=(1.05)^3=1.05\times1.05\times1.05 = 1.157625$. Then, $A = 1331\times1.157625$. $A=1331\times1.157625 = 1540.898875$.

Step4: Round to the nearest cent

Rounding $1540.898875$ to the nearest cent gives $1540.90$.

Answer:

$1540.90$