Given
Ruth has $6,662 in a savings account. The interest rate is 3%, compounded annually.
To find the amount she will have in 2 years to the nearest cent.
Now,
The Principal amount is given by, $6662.
The rate of interest r is 3%.
The time taken is 2 years.
Then, the amount she will have in her account is,
[tex]\begin{gathered} A=P(1+\frac{r}{100})^t \\ A=6662(1+\frac{3}{100})^2 \\ A=6662(1+0.03)^2_{} \\ A=6662(1.03)^2 \\ A=7067.7158 \end{gathered}[/tex]Since the digit after the decimal point is greater than 5.
The amount Ruth will have in her account is $7068.
