Dylan invested $600 in a savings account at a 1.6% annual interest rate. He made no deposits or withdrawals on the account for 2 years. The interest was compounded annually. Find, to the nearest cent, the balance in the account after 2 years.

The compound interest formula is A = P (1 + r/n) ^ (n*t), where,

P is the principal / initial amount

r is the annual rate of interest (in decimal form)

t is the number of years the amount is deposited / borrowed

A is the total amount of money accumulated

n is the number of times the interest is compounded annually

In this case, P = $600, r = 0.016, t = 2, n = 1. Substituting these values on the equation, we get the balance in the account after 2 years to be $619.35.