If $570 is invested in an account that earns 12.75%, copounded annually, what will the account balance be after 11 years?( round to the neearest cent)

To find the account balance after 11 years with compound interest, we can use the formula:

A = P(1 + r/n)^(nt)

Where:
A = the future account balance
P = the principal amount (initial investment)
r = the interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years

In this case, we have:
P = $570
r = 12.75% = 0.1275 (expressed as a decimal)
n = 1 (compounded annually)
t = 11 years

Substituting these values into the formula:

A = 570(1 + 0.1275/1)^(1*11)

Calculating this expression:

A = 570(1.1275)^11

Using a calculator:

A ≈ $1508.67 (rounded to the nearest cent)

Therefore, the account balance after 11 years will be approximately $1508.67.