Answer:
After 2 years the account worth will be $3225
Step-by-step explanation:
Initial Deposit (Principal Amount P) = $3000
Rate r = 4.1% = 0.041
Compounded quarterly = n = 4
Time t = 2 years
We need to find future value A
The formula used is: [tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Putting values in formula and calculating A
[tex]A=P(1+\frac{r}{n})^{nt}\\A=3000(1+\frac{0.041}{4})^{4*2} \\A=3000(1+0.01025)^{8} \\A=3000(1.01025)^8\\A=3000(1.085)\\A=3225[/tex]
So, After 2 years the account worth will be $3225
