Welcome to Bytelearn!

Let’s check out your problem:

Jayce and Savannah deposit $\$10,000.00$ into a savings account which earns $4\%$ interest compounded annually. They want to use the money in the account to go on a trip in $2$ years. How much will they be able to spend? Use the formula $A=P(1+ \frac{r}{n})^{nt}$, where $A$ is the balance (final amount), $P$ is the principal (starting amount), $r$ is the interest rate expressed as a decimal, $n$ is the number of times per year that the interest is compounded, and $t$ is the time in years. Round your answer to the nearest cent.