rita has $2,276 in an account that earns 14% interest 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 $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the number of years. Here, $P=$2276$, $r = 0.14$, and $t = 5$.

Step2: Calculate the amount $A$ after 5 years

$A=2276\times(1 + 0.14)^5=2276\times(1.14)^5$. First, calculate $(1.14)^5=1.14\times1.14\times1.14\times1.14\times1.14\approx1.925416$. Then, $A = 2276\times1.925416\approx4382.2468$.

Step3: Calculate the interest earned

The interest earned $I=A - P$. $I\approx4382.2468−2276=$2106.25$ (rounded to the nearest cent).

Answer:

$2106.25$