Answer: she will have $2042.4 have in the account after 1 year.
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $2000
r = 2.1% = 2.1/100 = 0.021
n = 12 because it was compounded 12 times in a year.
t = 1 year
Therefore,
A = 2000(1 + 0.021/12)^12 × 1
A = 2000(1 + 0.00175)^12
A = 2000(1.00175)^12
A = $2042.4
