Answer:
Final amount = 25,407.4
Step-by-step explanation:
A = P ( 1 + [tex]\frac{r}{t} )n^{}[/tex]
A = final amount
P = initial principal balance
r = interest rate
t = number of times interest applied per time period
Here P = 2000
r = 4 %
n = 3 years
A = 2000( 1 + [tex]\frac{4}{3}[/tex] )³
= 2000( [tex]\frac{7}{3}[/tex] )³
= 2000 × [tex]\frac{343}{27}[/tex]
= 25,407 .4
Final amount = 25,407.4
