Answer:
$56,558.1
Step-by-step explanation:
This is a question on compound interest.
The formula to calculate the Total Amount based on compound interest is given as:
A = P( 1 + r/n) ^nt
A = Total or Final amount in the account after t years
P = Principal/ Initial amount invested=$35,000
r = Interest rate = 12%
n = compounding Frequency = daily = using 30 days in a month = 30 × 12 = 360 days
t = time in years = 4
A = $35,000( 1 + 0.12/360)^360 × 4
A = $56558.08
Approximately to the nearest cent ≈ A = $56,558.1
Therefore, Priscilla should be expecting $56,558.1 in the account after 4 years.
