Compound interest is given by the formula A = P(1 + r)". Where A is the balance in the account after t years, and P is the starting principal invested at an annual percentage
rate of r, expressed as a decimal.
Matt invested $4700 in a savings account that pays 6% interest compounded annually
and plans to leave it there for 13 years. Determine Matt's ending balance after 13 years.
in his savings account.
After 13 years, Matt will have a balance of $
Round your answer to the nearest cent.