Answer:
The total result of the investment after 4 years is $395.98
Step-by-step explanation:
Great Question, since we are talking about compounded interest we can use the Exponential Growth Formula to calculate the total value of the investment after 4 years. The Formula is the following,
<u>Where:</u>
- y is the total amount after a given time
- a is the initial amount
- r is the interest rate in decimals
- t is the given time
- n is the amount of times compounded per year
Now we can plug in the values given to us in the question and solve for the total amount (y).
... rounded to the nearest hundredth
Now we can see that the total result of the investment after 4 years is $395.98
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