Answer:
Ending balance after 2 years=$4,370.98
Step-by-step explanation:
To calculate her ending balance after two years, we need to get the express the total amount as follows;
A=P(1+r/n)^nt
where;
A=Total future value of the initial investment
P=Initial value of the investment
r=Annual interest rate
n=number times the interest rate is compounded annually
t=number of years of the investment
In our case;
P=$4,111
r=3.07%=3.07/100=0.0307
n=12
t=2 years
Replacing;
A=4,111(1+0.0307/12)^(12×2)
A=4,111(1.0026)^24
A=4,370.98
Ending balance after 2 years=$4,370.98
