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Kaylee opened a savings account and deposited

`$458.00`

. The account earns

`2.06%`

interest, compounded monthly. If she wants to use the money to buy a new bicycle in 2 years, how much will she be able to spend on the bike? Use the formula

`A=P(1+(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.

`$`