Compound interest formula:
A = P (1+r/n)^nt
Where:
A = total amount
P = principal investment
r= interest rate in decimal form = 2/100 = 0.02
t= years
n= number of compounding periods in a year= 12
Replacing:
A = 30,000 (1+0.02/12)^4x12
A = 30,000 (1.001666667)^48
A= 32,496.45
