Solve the problem. Round to the nearest cent.Barry's savings account has a balance of $2874. After 9 years, what will the amount of interest be at 5% compounded annually?

Use the compound interest formula: interest = principal × [(1 + rate)^years − 1]. Substituting the values gives $2,874 × [(1.05)^9 − 1] ≈ $1,584.52. Therefore, the interest earned is $1,584.52, choice B.

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