Answer:
About $2530.63
Step-by-step explanation:
The formula for this kind of calculation is [tex]A=P(1+\frac{r}{n})^{nt}[/tex], where P is the initial investment, r is the interest rate, n is the number of times you compound your investment per year, and t is the number of years. Assuming that you compound yearly, plugging in the numbers that you have given, you are left with:
[tex]2000=P(1+\frac{0.04}{1})^{t}[/tex]
[tex]2000=P\cdot (1.04)^5\\P\approx 1643.85\\A=1643.85 \cdot (1.04)^{11}\approx $2530.63[/tex]
Hope this helps!
