Answer:
<em>Milan will have $4701.73 in his account</em>
Step-by-step explanation:
<u>Final Value in Compound Interest</u>
The compound interest computes each interest earned in a period including the interest earned in the previous periods.
If an initial value or principal P is deposited into an account with an interest rate i, during n periods, the final value FV will be
If the interest is compounded monthly we must convert to the monthly equivalent:
The period of investment must be expressed in months, thus
Now we find the final value
FV=4000(1+0.0045)^36=4701.73
Milan will have $4701.73 in his account