Answer:
$2,290.05
Explanation:
Principle, P = $2,000
Rate of interest, r = 3.4%
Time period, t = 4 years
n = 4
Therefore,
[tex]Amount=P(1+\frac{r}{n})^{nt}[/tex]
[tex]Amount=2,000(1+\frac{3.4}{400})^{4\times 4}[/tex]
[tex]Amount=2,000(1+\frac{3.4}{400})^{16}[/tex]
= $2,290.05
Hence, account balance after 4 years is $2,290.05.
