Simon has $9,594 in an account. The interest rate is 5% compounded annually.
To the nearest cent, how much will he have in 2 years?
Use the formula B = p( 1 + r)ᵗ, where B is the balance (final amount), p is the principal (starting amount), r is the Interest rate expressed as a decimal, and t is the time in years.
$ __________________.