Answer:
Amount after 4 years = $3274.125
Step-by-step explanation:
Time t= 4 years
Principal amount p= $2500
Interest rate R= 6.75%
Number of times compounded n= 4*12
Number of times compounded n= 48
Amount A = p(1+r/n)^(nt)
A= 2500(1+0.0675/48)^(48*4)
A= 2500(1+0.001406)^(192)
A= 2500(1.001406)^192
A= 2500(1.30965)
A= 3274.125
Amount after 4 years = $3274.125
