seth has $9,399 in an account. the interest rate is 4 17/20% compounded annually. to the nearest cent, how…

Explanation:

Step1: Convert the interest rate to decimal

First, convert $4\frac{17}{20}%$ to a decimal. $4\frac{17}{20}=\frac{4\times20 + 17}{20}=\frac{97}{20}=4.85$, so the interest rate $r = 0.0485$.

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, $P = 9399$, $r=0.0485$, and $t = 2$. $A=9399\times(1 + 0.0485)^2$.

Step3: Calculate $(1 + 0.0485)^2$

$(1 + 0.0485)^2=(1.0485)^2=1.0485\times1.0485 = 1.09938225$.

Step4: Calculate the final amount

$A=9399\times1.09938225\approx10323.49$.

Answer:

$10323.49$